LONDON (Alliance News) - Premier Asset Management Group PLC on Thursday reported a rise in assets under management - in "another year of strong net inflows" - reaching a "record high".
For the financial year ended September 30, Premier Asset Management, which offers investment funds for UK retail investors, said closing assets under management totalled GBP6.87 billion, a 13% increase on the company's opening AuM of GBP6.09 billion. At November 23, Premier Asset's AuM stood at GBP6.60 billion.
Premier Asset Management's net inflows of GBP734 million were lower than the GBP747 million of net inflows the year before, but the asset manager did note it has achieved 22 consecutive quarter of positive flows.
The company increased its dividend by 28% to 10.25 pence from 8.0p paid out last year.
"Although investment and political conditions have remained uncertain, Premier achieved another year of strong net inflows supported by good performance, relevant products, including our broad range of multi-asset funds and our strong distribution capabilities," said Chief Executive Officer Mike O'Shea.
The asset manager's multi-asset funds increased in the year and now make up 59% of the company's portfolio, from 54% the year before.
Premier Asset launched two funds within its multi-asset group in the last few years - Premier Diversified Fund and Premier Diversified Income Fund - aiding the increase in portfolio share.
Premier Asset said: "Both of these funds have been a core part of Premier's sales and marketing activity over the last year and have achieved encouraging positive net flows."
O'Shea added: "Trading during the early part of the current financial year has been more challenging as the UK government seeks to finalise an acceptable withdrawal agreement with the EU. Anecdotal evidence suggests that retail investors are taking a wait-and-see approach and, as a result, fund flows have been slower in the first few weeks of the current year than they have been in recent months.
"Despite this, investment performance, particularly across our multi asset range has remained resilient on a relative basis."
Shares in Premier Asset Management were flat at 202.00 pence each.
