TIDMPMI
RNS Number : 8675C
Premier Miton Group PLC
14 October 2022
14 October 2022
Premier Miton Group plc
('Premier Miton', 'Group' or the 'Company')
Q4 AuM update and notice of results
Premier Miton Group plc (AIM: PMI) today provides an update on
its unaudited statement of Assets under Management ('AuM') for the
fourth quarter of its current financial year (the 'Quarter' or
'Period').
-- GBP10.6 billion closing AuM at 30 September 2022 (30 September 2021: GBP13.9 billion)
-- GBP0.3 billion of net outflows for the Quarter and GBP1.1
billion of net outflows for the year to 30 September 2022
-- Further positive net flows in fixed income funds and Diversified multi-asset funds
-- Strong relative investment performance with 88% (1) of funds
in the first or second quartile of their respective sectors since
manager inception
-- New Global Head of Distribution joined in the Period to lead
and develop the Group's distribution and marketing strategy
-- New fund manager hire for the Premier Miton UK Value
Opportunities Fund announced in the Period
-- Significant investment in fund management talent over the
last three years to help create a modern, active asset management
business positioned for future growth
Mike O'Shea, Chief Executive Officer, commented:
"The recent fiscal event in the UK combined with the ongoing
geopolitical environment have created a challenging and uncertain
period for markets both in the UK and globally. Investors
understandably have remained cautious about committing new
investments during this period and we have also seen outflows
across the industry from open-ended funds.
"It is clear that the current market conditions are particularly
challenging for the asset management sector and this was reflected
in the Group's AuM ending the Quarter at GBP10.6 billion. We saw
some outflows from our UK and European equity open-ended funds due
to weak client demand across the industry. These outflows were
partially offset by inflows into our fixed income, US equity and
Diversified multi-asset funds. For the 12 months to 30 September
2022, gross redemptions from open-ended funds run by the Group were
down 4% year on year, however, gross inflows into these products
were down 35% over the same period.
"We believe that when confidence returns more investors will
seek truly actively managed strategies as they look to deliver
added value for their clients. Premier Miton is ideally placed to
take advantage of this trend given our track record of delivering
strong investment performance.
"Across our fund range, our investment performance remains
strong, with 88% (1) of our funds in the first or second quartile
of their respective sectors since manager inception. Shorter-term
numbers also remain encouraging with 86% (1) of funds above median
over three years. It was also very pleasing to see that Premier
Miton had the highest number of funds in the UK market achieving FE
fundinfo's top 5 Crown Rating.
"As part of our long-term growth strategy, we continue to invest
in our business. We were pleased to announce the appointment of
Jonathan Willcocks as our Global Head of Distribution. Jonathan
will play a key role in developing and leading our distribution and
marketing strategy as we expand our investment strategies,
diversify our client base and seek to grow AuM with both wholesale
and institutional investors. During the Period, we also announced
that Matthew Tillett will join the Group in October 2022 from
Allianz Global Investors. Matthew will take over as manager of the
Premier Miton UK Value Opportunities Fund from Andy Jackson who is
retiring at the end of the year.
"Against a backdrop of rising inflation and interest rates which
are impacting both our clients and our colleagues, I am confident
that with our operational and financial strength we are in a good
position to navigate these volatile times."
Assets under Management:
Opening Quarter Quarter Quarter Quarter Market Closing
AuM 1 2 3 4 12 month / investment AuM
1 Oct net net net Net net flows performance 30 Sept
2021 flows flows flows flows (3) (1) 2022 (3)
GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
Equity funds 8,223 (70) (209) (340) (320) (939) (1,653) 5,631
Multi-asset
funds 3,919 (79) (80) (51) (66) (276) (380) 3,263
Fixed income
funds 594 62 73 29 46 210 (54) 750
Investment
trusts 784 (100) (1) (10) (11) (122) (143) 519
Segregated
mandates 411 (1) 4 37 11 51 (60) 402
Total (2) 13,931 (188) (213) (335) (340) (1,076) (2,290) 10,565
(1) The quartile performance rankings are based on funds with
Investment Association benchmarks (excluding volatility managed
funds) this covered a total of 34 open-ended funds since manager
inception and 22 funds over three years. 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 30
September 2022 and the performance period relates to when the fund
launched or the assumed tenure of the fund manager(s).
(2) Comprising of 42 open-ended funds, four investment trusts
and two external segregated mandates
(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 GBP191 million.
Notice of results
Premier Miton will issue its results for the financial year
ending 30 September 2022 on 2 December 2022.
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 / Harry Hargreaves 020 7260 1000
Edelman Smithfield Consultants (Financial
PR) 07785 275665 /
John Kiely / Latika Shah 07950 671948
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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END
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