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(Alliance News) - Premier Miton Group PLC on Friday said that mid and small cap stocks are recovering, as it reported an increase in assets under management.
The Guildford, Surrey-based asset manager said assets under management rose 9.1% to GBP10.71 billion at March 31, from GBP9.82 billion at October 1. They were 6.3% higher than GBP10.07 billion at the start of the year.
Chief Executive Officer Mike O'Shea said it has "been encouraging to see shorter term performance on an improving trend as market breadth improves and mid and small cap stocks recover."
O'Shea noted that the backdrop for active fund sales in the UK retail market was challenging due to higher interest since the end of 2021.
Looking ahead, he said: "We remain confident that our clear proposition in active management and our belief in the potential of mid-sized and smaller companies to deliver significant long-term outperformance over index strategies, alongside our diversified product range and powerful distribution capabilities will allow the group to perform well for our clients and our shareholders moving forward."
Premier Miton shares rose 9.7% to 64.74 pence each on Friday afternoon in London.
By Tom Budszus, Alliance News slot editor
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