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Pin to quick picksPremier Miton Regulatory News (PMI)

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Q2 AuM update

12 Apr 2024 07:00

RNS Number : 3518K
Premier Miton Group PLC
12 April 2024
 

Premier Miton Group plc

('Premier Miton', 'Group' or the 'Company')

Q2 AuM update

 

Stronger environment for mid and small cap stock supports outlook for improving fund flows

 

Premier Miton Group plc (AIM: PMI) today provides an update on its unaudited statement of Assets under Management ('AuM') for the second quarter of its current financial year (the 'Quarter' or 'Period').

 

· £10.7 billion closing AuM at 31 March 2024 (30 September 2023: £9.8 billion)

· Successful addition of £560 million AuM through the acquisition of Tellworth Investments LLP and the appointment as investment manager to GVQ Investment Funds (Dublin) plc

· £268 million of net outflows for the Quarter

· Continued strong relative investment performance with 68% 2 of funds in the first or second quartile of their respective sectors since launch or fund manager tenure

· Encouraging shorter term performance profile with 69% 2 of AuM in the first or second quartile over one year

 

 

Mike O'Shea, Chief Executive Officer, commented:

 

"The Group's AuM ended the Quarter at £10.7 billion, an increase of 9% on the opening position for the financial year.

"Long-term investment performance remains relatively strong with 68% 2 of funds in the first or second quartile of their respective sectors since launch or fund manager tenure. It has also been encouraging to see shorter term performance on an improving trend as market breadth improves and mid and small cap stocks recover.

 

"As previously announced, during the Quarter we successfully completed both the acquisition of Tellworth Investments LLP and the take on of the investment management activities of GVQ Investment Funds (Dublin) plc. Both are complementary to our existing business and align with our strategic objective to diversify our product range and enhance our presence in both institutional and international markets.

 

"The backdrop for active fund sales in the UK retail market has been challenging over the Period, as it has been since interest rates began to rise at the end of 2021. We are now at a point where interest rates are likely to trend lower as we move through 2024 and we believe this will support an improving environment for fund flows and asset values that should particularly benefit Premier Miton. 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."

 

 

Assets under Management:

On 31 March 2024, our AuM stood at £10.7 billion.

A reconciliation of AuM and flows over the Quarter is below:

Equity funds

Multi-asset funds

Fixed income funds

Investment trusts

Segregated mandates

Total

£m

£m

£m

£m

£m

£m

AuM at 1 January 2024

4,668

3,083

1,309

377

636

10,073

Net flows

(49)

(142)

(100)

(9)

32

(268)

Fund / mandate acquisitions 4

368

-

-

-

192

560

Market / investment performance

257

68

11

3

8

347

AuM at 31 March 2024 1, 3

 5,244

 3,009

 1,220

 371

 868

10,712

 

A reconciliation of AuM and flows over the six-month period to 31 March 2024 is below:

 

Equity funds

Multi-asset funds

Fixed income funds

Investment trusts

Segregated mandates

Total

£m

£m

£m

£m

£m

£m

AuM at 1 October 2023

4,563

3,068

1,160

448

582

9,821

Net flows

(260)

(283)

12

(10)

55

(486)

Fund / mandate acquisitions 4

368

-

-

-

192

560

Fund / mandate disposals 5

(42)

-

-

(78)

-

(120)

Market / investment performance

615

224

48

11

39

937

AuM at 31 March 2024 1, 3

5,244

3,009 

1,220 

371 

868 

10,712 

 

1 Comprising of 45 open-ended funds, three investment trusts and six external segregated mandates.

 

2 The quartile performance rankings are based on Investment Association sector classifications where applicable. This covered a total of 38 open-ended funds since manager inception. Data is sourced from FE Analytics FinXL using the main representative post-RDR share class, based on a total return, UK Sterling basis. All data is as at 31 March 2024 and the performance period relates to when the fund launched or the assumed tenure of the fund manager(s).

 

3 AuM and net flows are presented after the removal of AuM invested in other funds managed by the Group. At the Period end these totalled £284 million.

 

4 Acquisition of Tellworth Investments LLP and appointment as investment manager to GVQ Investment Funds (Dublin) plc in Q2.

 

5 Disposal of Premier Miton Worldwide Opportunities Fund and transfer of MIGO Opportunities Trust plc in Q1.

 

Notice of half year results

 

Premier Miton will publish its results for the half year to 31 March 2024 on Thursday 30 May 2024.

 

ENDS

For further information, please contact:

 

Premier Miton Group plc

Mike O'Shea, Chief Executive Officer

 

 

01483 306 090

 

Investec Bank plc (Nominated Adviser and Broker)

Bruce Garrow / Ben Griffiths / Virginia Bull

 

 

 

020 7597 4000

 

Camarco

Geoffrey Pelham-Lane / Ben Woodford

 

 

07733 124 226 / 07990 653 341

 

 

Notes to editors:

Premier Miton Investors is focused on delivering good investment outcomes for investors through relevant products and active management across its range of investment strategies, which include equity, fixed income, multi-asset and absolute return.

 

LEI Number: 213800LK2M4CLJ4H2V85

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