Premier Asset Management's inflows streak snaps

(Sharecast News) - Retail asset manager Premier Asset Management snapped its long-running streak of inflows in the fourth quarter of 2019 as assets under management decreased slightly during the period.
Premier reported assets under management of £6.6bn as of 30 September, down from the £6.9bn recorded at the same time one year earlier.

Outflows for the quarter were £246.0m, down from the inflows £120.0m reported in the same quarter twelve months before, breaking a streak of twenty-four consecutive quarters of positive net inflows as the AIM-listed group continued to operate against a background of economic and political uncertainty.

Total net outflows for the full-year came to £233.0m, a marked turnaround when compared to the inflows of £734.0m recorded over the prior year.

Chief executive Mike O'Shea said: "We continue to believe that our focus on providing relevant investment products to clients, backed by active investment management and good long term investment outcomes, positions us well for future growth."

Premier said that its fully audited full-year results will be released on 28 November, adding that its recommended all-share merger with Miton had been approved by shareholders and was expected to take effect on 14 November.

The group said the merger would create a diversified active UK asset manager with a strong investment capability that benefits from a more efficient platform and greater financial strength, with reported pro-forma combined assets under management of £11.2bn.

As of 1050 BST, Premier shares were up 0.11% at 176.70p.