LONDON (Alliance News) - Premier Asset Management Group PLC said Tuesday its total assets under management decreased in the first half but, on a positive note, was able to up its quarterly dividend.
At March 31, Premier AM's assets under management stood at GBP6.79 billion, 1.2% lower compared the company's opening assets under management of GBP6.87 billion.
Compared to the year before, however, Premier AM's assets under management were up 6.6%.
"Despite continued political and economic uncertainty caused by the ongoing Brexit negotiations, low investor confidence, volatile markets and record low investment industry net flow figures, Premier managed to produce positive net inflows and has continued to produce good long term investment performance after fund charges," said Chief Executive Mike O'Shea.
In the six months to March 31, the asset manager's net inflows totalled GBP67.4 million, down 85% from the GBP411.4 million recorded in the same period a year earlier. In the second quarter - the three months to the end of March - Premier AM recorded net inflows of GBP3 million compared to GBP175 million the year before.
Premier AM's total net inflows for the rolling twelve months to March 31 decreased 54% to GBP390 million from GBP847 million the year before.
The asset manager's sales in the first half decreased 23% to GBP866.0 million from GBP1.13 billion the year before.
O'Shea continued: "Notwithstanding net outflows for the industry as a whole, it is encouraging to note that support for our multi asset funds remained positive, albeit at lower levels during this more difficult period, with net inflows of GBP125 million over the six months. In common with much of the industry, we did however experience netoutflows from our UK equity funds, a sector which has been out of favour with investors for some months now."
Premier AM declared a second quarterly dividend of 1.70 pence, 3.0% higher than the 1.65p paid for the same period last year.
Shares in Premier Asset Management were down 2.9% Tuesday at 198.00 pence each.
