Last checked at 10 Apr 2018 07:00
10 April 2018
Premier Asset Management Group PLC
("Premier" or the "Company")
Q2 Trading Update and Interim Dividend
Premier Asset Management Group PLC (AIM: PAM) today announces a trading update for the Company's quarter ended 31 March 2018.
Highlights
· Total assets under management (AUM) were £6.4 billion as at 31 March 2018 (31 March 2017: £5.5 billion)
· Total net inflows of £175m in the three months to 31 March 2018 (3 months to 31 March 2017: £170m)
· Twentieth successive quarter of positive net inflows
· Total net inflows of £411m in the six months to 31 March 2018 (6 months to 31 March 2017: £311m)
· Total net inflows of £847m for the rolling twelve months to 31 March 2018 (rolling twelve months to 31 March 2017: £667m)
· Continued strong investment performance net of all fund charges*:
o Over three years to 31 March 2018: 91% of AUM were above median
o Over five years to 31 March 2018: 97% of AUM were above median
· Quarterly dividend per share of 1.65p vs 1.25p for the same period last year
* Performance figures represent 85% of Premier's total AUM as at 31 March 2018 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 31 March 2018. Net income reinvested. Data shown net of all fund charges. C share class, or, where a C share class was not available for the full time period, the pre RDR bundled or equivalent retail share class has been used for the period the C share class was not available.
Mike O'Shea, Chief Executive Officer, commented:
"Premier has continued to make solid progress with positive net inflows, despite a more difficult market environment in recent months, and good relative investment performance after all fund charges. The quality of our performance and investment teams has been recognised by more awards over the period, including Best Multi-Asset Group of the Year at the Professional Adviser Awards 2018".
"Our focus continues to be on our existing investment products, including our twelve multi-asset funds, our equity funds and absolute return funds, but we have also continued to develop our product range and announced changes to our client service model for advisers during the period.
"In October 2017 we relaunched the Premier Optimum Income Fund with a new target yield of 7% p.a. and a new co-fund management team following the expansion of our equity team with specialist covered call options capabilities.
"In March 2018, we announced the launch of PremierConnect, a new digital portal designed to assist financial advisers investing directly in Premier's funds on behalf of their clients. The new portal, which is planned to go live later in 2018, is designed to give advisers access to a range of features, including on-line transactions, client specific portfolio reporting, facilitating the payment of adviser charges and client illustrations, as well as real-time integration with a range of advisers' own back office solutions for greater adviser business efficiency. There will be no additional costs for advisers or their clients to use PremierConnect.
"Looking ahead, it seems likely that although interest rates will head higher as the global economy improves, they will remain lower overall than in previous economic cycles. With equity markets now looking through the current economic upturn to what lies beyond, it is likely that market volatility will be higher than in recent years and political uncertainty will continue to have an impact. In this environment, we believe there will be good opportunities for actively managed funds to produce attractive long term investment outcomes for investors. We are confident that our investment teams are well placed to navigate these challenges for our clients."
AUM reconciliation
(£m) | Six months ended 31 March 2018 | Six months ended 31 March 2017 |
|
Opening AUM | 6,087.8 | 4,998.5 |
|
Sales | 1,134.7 | 1,041.0 |
|
Redemptions | (723.3) | (730.5) |
|
Net flows | 411.4 | 310.5 |
|
Performance | (133.9) | 220.9 |
|
Closing AUM | 6,365.3 | 5,529.9 |
|
Dividend
The Company has 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 Board of Premier has approved the payment of an interim dividend for the 3 month period ended 31 March 2018 of 1.65 pence per share, which will be paid on 1 June 2018 to shareholders who are on the register on 4 May 2018.
Enquiries:
Premier Asset Management Group PLC | Tel: 01483 306090 Mike O'Shea
|
Numis Securities Limited (NOMAD and Broker) | Tel: 020 7260 1000 Kevin Cruickshank Charles Farquhar
|
Liberum Capital Limited (Joint Broker) | Tel: 020 3100 2000 Richard Crawley Jamie Richards
|
Smithfield Consultants (Financial PR) | Tel: 020 3047 2544 John Kiely Andrew Wilde |
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 £6.4 billion of assets under management as at 31 March 2018.
LEI Number: 213800LK2M4CLJ4H2V85