REG - Premier Miton Group - Q2 AuM update

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RNS Number : 6562A  Premier Miton Group PLC  16 April 2026

Premier Miton Group plc

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

Q2 AuM update

 

Premier Miton Group plc (AIM: PMI) today provides an update on its unaudited
statement of Assets under Management ('AuM') for the second quarter of the
current financial year ending 30 September 2026 (the 'Quarter' or 'Period').

 

·   £9 billion AuM as at 31 March 2026 (30 September 2025: £10.3 billion)

·   £443 million of net outflows for the Quarter

·   Resetting costs and simplifying the business, delivering £2.5million
of ongoing administration cost savings, expected to be fully implemented on a
run-rate basis by September 2026

·  New Head of Global Equities appointed reinforcing leadership, oversight
and accountability across our international equity platform

·   A renewed focus on investment in growth areas where the Group has
strength and demand is structurally supportive

·   Closing cash position as at 31 March 2026 of £24.6 million

 

 

Mike O'Shea, Chief Executive Officer, commented:

 

"The Group's AuM ended the Quarter at £9 billion, reflecting continued net
outflows and a challenging market environment. AuM recovered to £9.7 billion
by the end of February, with early signs of improvement in flows; however,
increased volatility across equity and bond markets in March led to a pullback
in risk appetite and higher levels of investor redemptions, resulting in a
weaker close to the Quarter.

 

Outflows during the Quarter were largely concentrated in the Group's
international equity funds, where investment performance has been more
challenging. Net outflows from international equities totalled approximately
£0.3 billion over the Period.

 

The Group is taking targeted action to address performance and governance
within international equities, including the appointment of a new Head of
Global Equities. This appointment has been communicated to key clients, and we
believe these steps are important in supporting improved client outcomes and
greater asset stability. In light of the reduction in AuM within global
equities, we believe the priority is now improving performance consistency and
client confidence, which we view as a necessary foundation for stability over
time.

 

Market uncertainty in March also led several clients to reduce overall risk
exposure, which resulted in net outflows of just over £70 million from the
Group's absolute return funds during the Quarter. By contrast, fixed income
funds continued to generate positive net inflows throughout the Period,
reflecting robust performance and ongoing demand across UK intermediary and
wealth channels.

Investment performance across the Group has shown improvement in the shorter
term. Performance in fixed income and selected multi‑asset strategies has
been robust and supportive of flows. UK equity performance has strengthened,
while performance challenges remain most evident within international
equities, although European equity performance has improved over the first
quarter of the calendar year.

We recognise that this has been a disappointing period for shareholders. Our
focus is firmly on addressing the areas that are holding back performance and
asset stability, while continuing to simplify the business and invest
selectively where we believe we can generate sustainable long‑term value.

 

Strategic update - streamlining, performance recovery and focused growth

The market backdrop for active managers has remained challenging, and this is
reflected in recent market wide fund flow data. However, the Group's recent
flow pressures are concentrated rather than systemic, with investment
performance in international equities continuing to be the primary driver of
near‑term flows.

The Board and management team are realistic about the challenges facing the
business and the actions required to address them. Against that backdrop, we
are taking decisive and pragmatic action to ensure the business is positioned
to protect profitability, improve client outcomes and increase momentum. Our
strategy has three clear priorities: (i) resetting costs and simplifying the
business, (ii) investing to strengthen the areas that are holding back client
outcomes and asset stability, and (iii) focusing growth investment on the
areas where we have genuine strength and demand is structurally supportive.

Resetting the cost base and simplifying the business

The efficiency programme announced previously continues to progress as
planned. We remain focused on streamlining the organisation, so it is
appropriately sized for current assets and flows, while remaining well
positioned for future growth opportunities.

In addition to the £5 million of cost savings announced previously, a further
review of our operating platform has identified opportunities to simplify
processes and remove duplication, resulting in additional ongoing
administration cost savings of approximately £2.5 million, expected to be
implemented on a run-rate basis by September 2026, at an estimated one‑off
cost of £0.5 million.

As set out in prior updates, these actions are designed to reduce downside
risk, increase resilience and preserve strategic flexibility, allowing us to
invest where it matters most for clients and shareholders.

International equities - investing to improve client outcomes and stabilise
AuM

Addressing investment performance in international equities remains a critical
focus for the Group. We have therefore strengthened leadership and
accountability across the global, European and US equity strategies to improve
client outcomes and support asset retention, including the appointment of a
new Head of Global Equities, who will join the business on 5 May 2026,
reinforcing oversight, accountability and governance across our international
equity platform.

In parallel, we continue to strengthen governance and oversight so that
portfolio construction, risk management and decision-making responsibilities
are clear, robust and aligned with our obligations to deliver good investor
outcomes.

Focused organic growth - backing areas of strength

The Group has several areas of genuine strength, particularly in fixed income,
absolute return and selected multi‑asset and retirement income strategies.
These are areas where investment performance, client demand and distribution
capability are well aligned, providing a sound foundation for sustainable
organic growth. As a result, we are prioritising capital, management attention
and distribution effort where we believe we can generate the most consistent
and repeatable outcomes for clients and shareholders.

In fixed income, we continue to see a supportive environment for our
capabilities, underpinned by strong relationships in UK intermediary and
wealth channels. Alongside this, we are building steadily on early progress in
select international markets. Our approach remains pragmatic: broadening our
offshore client base over time through carefully chosen routes to market,
where demand is evident and where we can deploy resource efficiently.

In absolute return, we remain committed to developing our capabilities and
product set. We believe differentiated long/short strategies have an important
role to play for clients as markets become broader and more volatile, and we
will continue to assess opportunities to build scale in this area in a
disciplined manner.

Retirement income remains an increasingly important area of strategic focus as
client needs shift from accumulation to decumulation. Our multi‑asset income
strategies are well aligned with this trend, supported by established track
records and strong relevance for UK intermediary and wealth clients. We are
continuing to invest in areas where we see clear and durable client
demand.

In UK equities, we are building on an improving performance trend by
maintaining a clear and simplified product set and taking an opportunistic
marketing approach where performance and client demand align. Under Paul
Marriage as Head of UK Equities, we are strengthening collaboration across the
team while maintaining a disciplined and embedded culture of accountability
for investment outcomes.

Across these areas, we will invest selectively for organic growth,
prioritising initiatives where there is clear client demand and the potential
to generate attractive long‑term returns on capital. Capital allocation will
remain disciplined, with a focus on long‑term value creation for clients and
shareholders.

The Group intends to set out further detail on its focused organic growth
priorities at the Interim Results, alongside an update on progress across
performance, distribution and cost discipline.

Remaining open-minded on M&A and strategic partnerships

While our primary focus remains on organic progress and execution, we continue
to consider inorganic options, including bolt‑on transactions and strategic
partnerships, where these clearly enhance investment capability, add scale or
support our distribution ambitions, without compromising capital discipline.

Summary

We are reshaping the business to be leaner, more focused and more resilient,
while investing in the improvements required to deliver better and more
consistent outcomes for clients. We believe that this combination of cost
discipline, targeted performance recovery, and focused growth, provides the
best route to stabilising assets and compounding value for shareholders over
time."

 

Assets under Management:

On 31 March 2026, our AuM stood at £9 billion.

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

                                 Equity UK                  Multi-asset     Multi-asset Direct and Diversified  Fixed Income  Absolute Return  Total

                                            Equity          Multi Manager

                                            International
                                 £m         £m              £m              £m                                  £m            £m               £m
 AuM at 1 January 2026             1,574                    946             1,671                               2,643         949              9,559

                                            1,776
                                 (100)                      (31)            (74)                                111           (72)             (443)

 Net flows                                  (277)
                                 7                          (12)            21                                  (20)          (20)             (124)

 Market/investment performance

(100)

 AuM at 31 March 2026 (1, 2)      1,481                     903             1,618                               2,734         857              8,992

                                            1,399

( )

A reconciliation of AuM and flows over the six-month period to 31 March 2026
is below:

 

                                 Equity UK                  Multi-asset     Multi-asset Direct and Diversified  Fixed Income  Absolute Return  Total

                                            Equity          Multi Manager

                                            International
                                 £m         £m              £m              £m                                  £m            £m               £m
 AuM at 1 October 2025           1,708                      971             1,734                               2,450         1,081            10,326

                                            2,382
                                 (266)                      (78)            (173)                               274           (191)            (1,313)

 Net flows                                  (879)
                                 39                         10              57                                  10            (33)             (21)

 Market/investment performance

(104)

 AuM at 31 March 2026 (1, 2)     1,481                      903             1,618                               2,734         857              8,992

                                            1,399

( )

(1) Comprising of 42 open-ended funds, one investment trust 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 £279 million

 

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 / St John Hunter   020 7597 4000

 Camarco

 Geoffrey Pelham-Lane / Ben Woodford               07733 124 226 /

                                                   07990 653 341
 KK Advisory Ltd
 Steve Keeling / Kam Bansil                        020 7039 1901

 

 

 

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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