REG - Premier Miton Group - Q2 AuM update

Premier MitonAnnouncement

12/04/2024 07:00

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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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