REG - Premier Miton Group - Premier Miton Group plc - Q3 AuM update

Premier MitonAnnouncement

12/07/2024 07:00

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RNS Number : 1282W  Premier Miton Group PLC  12 July 2024

Premier Miton Group plc

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

Q3 AuM update

 

Improving fund flow environment for equity and fixed income funds

 

 

Premier Miton Group plc (AIM: PMI), the AIM quoted fund management group,
today provides an update on its unaudited statement of Assets under Management
('AuM') for the third quarter of its current financial year (the 'Quarter' or
'Period') to 30 June 2024.

 

·   £10.6 billion closing AuM at 30 June 2024 (30 September 2023: £9.8
billion)

·   Net inflows into equity funds during June 2024

·   Net inflows into fixed income funds during the Quarter

·   Net outflow from multi-asset funds and segregated mandates

·   Successful migration of the Tellworth business onto the Premier Miton
platform during the Quarter

 

Mike O'Shea, Chief Executive Officer, commented:

 

"The Group's AuM ended the Quarter at £10.6 billion, an increase of 8% on the
opening position for the financial year.

"We have seen an improvement in the outlook for fund sales during the Quarter.
It is pleasing to note that we have seen continued demand for our fixed income
funds as well as a more recent improvement in the flow position for our
international equity funds. Demand for UK equities remains subdued despite the
strong relative performance of the asset class. In total, we experienced net
positive flows across our fixed income and equity funds during the Quarter.

"We have continued to experience a weak environment for multi-asset fund
sales, particularly in our multi-manager range, despite our strong long-term
performance record in this area. I am, however, pleased to announce that our
managed portfolio service, managed by our highly successful multi-manager
team, is now live for our first intermediary clients and will be more widely
available as we move through this Autumn. We continue to see good interest
from advisers for a cost-effective managed portfolio service run by one of the
most experienced multi-manager teams in the market.

"During the Quarter we were pleased to have successfully completed the
integration of the Tellworth business onto the Premier Miton platform. This
will allow us to right size the cost base of the business and we are confident
that with improved access to our distribution and marketing capabilities the
Tellworth business will flourish over the coming months and years.

"As I have mentioned previously, falling interest rates are likely to be the
catalyst for an improvement in fund sales more generally and we expect that
rates will start to decline as we move through the latter half of 2024 and
into 2025. 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 as this
occurs."

 

Assets under Management:

On 30 June 2024, our AuM stood at £10.6 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 April 2024                 5,244                3,009                       1,220                           371                            868                 10,712
                                   (77)          (100)                   79                              -                             (41)                            (139)

 Net flows
                                   (33)          42                      9                               13                            8                               39

 Market / investment performance

 AuM at 30 June 2024 (1, 2)         5,134        2,951                   1,308                           384                           835                             10,612

 

A reconciliation of AuM and flows over the nine-month period to 30 June 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
                                   (337)         (383)                                 91                                          (10)                                  14                                      (625)

 Net flows
 Fund / mandate acquisitions (3)        368                      -                                        -                                        -                                   192                              560

 Fund / mandate disposals (4)      (42)                          -                                        -                        (78)                                                   -                      (120)
                                   582           266                                   57                                          24                                    47                                      976

 Market / investment performance

 AuM at 30 June 2024 (1, 2)        5,134          2,951                                 1,308                                       384                                   835                                    10,612

( )

(1) Comprising of 44 open-ended funds, three investment trusts and seven
external segregated mandates.( )

(2) 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 £267 million.

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

(4) Disposal of Premier Miton Worldwide Opportunities Fund and transfer of
MIGO Opportunities Trust plc in Q1.

 

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)

 David Anderson / Ben Griffiths                    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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