Q2 AuM Update

RNS Number : 1941W

Premier Miton Group PLC

14 April 2023

 

Premier Miton Group plc

('Premier Miton', 'Group' or the 'Company')

Q2 AuM update

Premier Miton Group plc (AIM: PMI) today provides an update on its unaudited statement of Assets under Management ('AuM') for the second quarter of its current financial year (the 'Quarter' or 'Period').

· £11.0 billion closing AuM at 31 March 2023 (30 September 2022: £10.6 billion)

· £40 million of net outflows for the Quarter (£32 million net outflows for the financial year to date)

· Continued strong relative investment performance with 76% ² of funds in the first or second quartile of their respective sectors since launch or fund manager tenure

Mike O'Shea, Chief Executive Officer, commented:

" The Group's AuM ended the Quarter at £11.0 billion, an increase of 4% on the opening position for the financial year. We saw early signs of returning confidence amongst fund buyers in the latter stages of 2022 but this has not followed through into 2023 and the banking shocks that unfolded towards the end of the period have again dented risk appetite. It appears from wider industry data that investors have continued to shun UK equities but have also been more wary on active European and Global equities. There has, however, been an uptick in demand for fixed income strategies where we are well placed to serve our clients.

"Our own experience broadly reflects this backdrop with continued inflows into our fixed income, US equity and Diversified Multi Asset funds and outflows from our European equity and UK equity funds. In total, the Group experienced net outflows for the six months to 31 March 2023 totalling £32 million.

"We continue to invest in our business as part of our long-term growth strategy and we will be adding to our suite of dedicated responsible and sustainable funds with the launch of the Premier Miton Emerging Markets Sustainable Fund on 21 April 2023. The fund will be managed by Fiona Manning and Will Scholes who joined the Group at the end of August 2022 from abrdn.

"Our primary focus is to deliver strong long-term investment performance for our investors, and it is pleasing to note that 76% ² of funds are in the first or second quartile of their respective sectors since launch or fund manager tenure.

" Despite the current headwinds, we continue to have a well-diversified portfolio of actively managed funds which will be attractive to new investors as and when confidence returns."

Assets under Management:

	Opening AuM 1 Oct 2022 £m	Quarter 1 net flows £m	Quarter 2  net flows £m	Year to date  net flows £m	Quarter 1 Market / investment performance £m	Quarter 2 Market / investment performance £m	Year to date Market / investment performance £m	Closing AuM 31 Mar 2023 1,3 £m
Equity funds	5,631	(169)	(191)	(360)	393	(27)	366	5,637
Multi-asset funds	3,263	(17)	(52)	(69)	113	(33)	80	3,274
Fixed income funds	750	186	194	380	8	(10)	(2)	1,128
Investment trusts	519	1	(3)	(2)	15	(19)	(4)	513
Segregated mandates	402	7	12	19	18	4	22	443
Total	10,565	8	(40)	(32)	547	(85)	462	10,995

¹ Comprising of 41 open-ended funds, four investment trusts and two external segregated mandates.

² The quartile performance rankings are based on Investment Association sector classifications where applicable. This covered a total of 33 open-ended funds since manager inception. Data is sourced from FE Analytics FinXL using the main representative post-RDR share class, based on a total return, UK Sterling basis. All data is as at 31 March 2023 and the performance period relates to when the fund launched or the assumed tenure of the fund manager(s).

³ AuM and net flows are presented after the removal of AuM invested in other funds managed by the Group. At the Period end these totalled £239 million.

ENDS

For further information, please contact:

Premier Miton Group plc Mike O'Shea, Chief Executive Officer	01483 306 090
Investec Bank plc (Nominated Adviser and Broker) Bruce Garrow / Ben Griffiths / Virginia Bull / Harry Hargreaves	020 7260 1000
Edelman Smithfield Consultants (Financial PR) John Kiely / Latika Shah	07785 275665 / 07950 671948

Notes to editors:

Premier Miton Investors is focused on delivering good investment outcomes for investors through relevant products and active management across its range of investment strategies, which include equity, fixed income, multi-asset and absolute return.

LEI Number: 213800LK2M4CLJ4H2V85

 

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