REG - Premier Miton Group - Q4 AuM Update

Premier MitonAnnouncement

14/10/2022 07:00

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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').

 

·   £10.6 billion closing AuM at 30 September 2022 (30 September 2021:
£13.9 billion)

·   £0.3 billion of net outflows for the Quarter and £1.1 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 £10.6 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 4                           Market / investment performance(1)  Closing

                      AuM          Quarter 1     Quarter 2     Quarter 3     Net flows   12 month net flows(3)   £m                                  AuM

                      1 Oct 2021    net flows     net flows     net flows    £m          £m                                                          30 Sept 2022(3)

                      £m           £m            £m            £m                                                                                    £m
                      8,223        (70)                                                                          (1,653)                             5,631

 Equity funds                                    (209)         (340)         (320)       (939)
 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
                      13,931       (188)                                                                         (2,290)                             10,565

 Total(2)                                        (213)         (335)         (340)       (1,076)

( )

(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 £191 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)

 John Kiely / Latika Shah                                          07785 275665 /

                                                                   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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