Last checked at 11 Jul 2017 07:00
11 July 2017
Premier Asset Management Group PLC ("Premier" or the "Company")
Q3 Trading Update
Premier Asset Management Group PLC (AIM: PAM) today announces a trading update for the Company's quarter ended 30 June 2017.
Highlights
· Total assets under management (AUM) increased to £5.84 billion as at 30 June 2017
· Total net inflows of £231m in the three months to 30 June 2017
· Total net inflows of £636m for the rolling twelve months to 30 June 2017
· Continued strong investment performance net of all fund charges*:
o Over three years to 30 June 2017
96% of AUM were above median
60% of AUM were first quartile
o Over five years to 30 June 2017
97% of AUM were above median
84% of AUM were first quartile
*Performance figures represent 82% of Premier's total AUM as at 30 June 2017 and exclude absolute return funds, investment trusts and segregated mandates. Median and quartile ranking figures are shown relative to respective Investment Association sectors. Source: FE Analytics, data to 30 June 2017, C share class or equivalent, income reinvested. Data shown net of all fund charges.
Mike O'Shea, Chief Executive Officer, commented:
"We are pleased to report another strong quarter for the business with continued good investment performance and net inflows of £231 million. This was our seventeenth successive quarter of positive net inflows.
"These results have been achieved in an environment of continued market uncertainty driven by various factors, including the unwinding of quantitative easing and the lack of clarity arising from the UK referendum result last year.
"At the end of quarter, the FCA published their final report on their Asset Management Market Study. We note their recommendations and are now waiting for the outcome of the next stage of consultations.
"We believe that against a background of market uncertainty, low interest rates and the ongoing need for people to invest for growth, income or capital preservation, the value of good, active management is critical. We continue to believe that our strategy of offering relevant investment products, which are designed to meet the different long‐term needs of UK investors, backed by good investment outcomes after charges, a strong distribution capability and scalable operating platform, positions us well to deliver for both our clients and our shareholders.''
AUM reconciliation
(£m) | 3 months to 31 December 2016 | 3 months to 31 March 2017 | 3 months to 30 June 2017 |
Opening assets under management | 4,998.5 | 5,206.4 | 5,529.9 |
Sales | 519.0 | 522.0 | 578.5 |
Redemptions | (378.8) | (351.7) | (347.7) |
Net flows | 140.2 | 170.3 | 230.8 |
Market movements & investment performance | 67.7 | 153.2 | 81.1 |
Closing assets under management | 5,206.4 | 5,529.9 | 5,841.8 |
Dividend policy
The Company has adopted a quarterly dividend policy, expecting to pay three smaller, interim dividends, representing approximately half of the estimated total dividend for the full financial year, followed by a larger, final dividend. The Company's first two interim dividends of 1.25p per share were paid on 3 March 2017 and 2 June 2017.
The Company's third quarterly dividend, for the three months ended 30 June 2017, is expected to be announced on 27 July 2017 with an ex-date of 3 August 2017 and a payment date of 1 September 2017. The exact dividend amount and associated timetable is expected to be confirmed on 27 July 2017.
Enquiries:
Premier Asset Management Group PLC | Tel: 01483 306090 Mike O'Shea |
Stifel Nicolaus Europe Ltd trading as KBW (Nomad and Joint Broker) | Tel: 020 7710 7600 Gareth Hunt Stewart Wallace |
Numis Securities Limited (Joint broker) | Tel: 020 7260 1000 Andrew Holloway Charles Farquhar |
Smithfield Consultants (Financial PR) | Tel: 0203 047 2533 John Kiely Andrew Wilde |
Note to editors
About Premier
Premier is a fast-growing UK retail asset management group with a focus on delivering good investment outcomes for investors through relevant products and active management across its range of investment strategies, which include multi-asset, equity and absolute return funds. Premier had £5.84 billion of assets under management as at 30 June 2017.