REG - Premier Miton Group - Q4 AUM Update and Notice of Results

Premier MitonAnnouncement

13/10/2023 07:00

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RNS Number : 9949P  Premier Miton Group PLC  13 October 2023

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').

 

·   £9.8 billion closing AuM at 30 September 2023 (30 June 2023: £10.5
billion)

·   £0.7 billion of net outflows for the Quarter and £1.1 billion of net
outflows for the year to 30 September 2023

·   Continued strong relative investment performance, with 73%(2) of funds
in the first or second quartile of their respective sectors since launch or
fund manager tenure

·   Company remains comfortable with market expectations for its financial
performance for the year to 30 September 2023

 

Mike O'Shea, Chief Executive Officer, commented:

 

"The Group's AuM ended the Quarter at £9.8 billion, representing a 7%
reduction on the opening position for the year. It has once again been a
difficult period in many parts of the investment market, with investors shying
away from equity funds, particularly in the UK equity and European equity
sectors. We were not immune to this trend and despite ending the first half of
the year level in terms of flows, we saw a slowing of sales and an
acceleration of redemptions - much of it in UK and European equities - in the
second half of the financial year. In particular, a single client undertook a
reorganisation of their portfolios which resulted in almost £500 million of
outflows in the year. However, it was pleasing to see continued flows into our
fixed income and directly invested 'Diversified' multi-asset strategies.

"Investment performance has remained good across our multi-asset and fixed
income strategies. It has been more difficult in the short term for many of
our equity strategies given that we are active managers and do not run our
funds close to index benchmarks. The inevitable consequence of running
strategies that can deliver significant index outperformance is that there are
likely to be periods of underperformance and our equity strategies have been
through just such a period for much of the current calendar year. However, it
is pleasing to see that 73% of our funds have delivered performance ahead of
median since manager inception and, despite some short-term volatility, that
figure is still 62% over the three-year period.

"Given the more difficult market backdrop, there has been an ongoing focus on
ensuring costs within the business are fully aligned with revenue
expectations. Good progress has been made in this regard with several
restructuring changes completed during the year the benefit of which will come
through partially in FY23 with full impact in FY24.

"We have a strong product set and have several new initiatives under
consideration to help build momentum behind our organic growth strategy, as
well as plans to further streamline our business where appropriate. Our
well-regarded distribution and marketing teams remain committed to high levels
of activity and are targeting those strategies that are currently in demand
from investors, such as fixed income, money market and multi-asset. We are
also laying the groundwork for when there is a renewed risk appetite in
equities. We continue to maintain high levels of visibility in the market by
participating in numerous fund manager roadshows and events servicing existing
clients and showcasing our breadth and depth of investment talent to
prospective clients, whilst increasing advertising and press activity.

"We also continue to assess a range of inorganic opportunities to add to our
product capabilities and client reach.  Naturally these are only pursued
where there is a clear benefit to our business, and we are currently in the
late stages of progressing one bolt on acquisition with a focus on the UK
alternatives space."

Assets under Management:

                      Opening                                                         Quarter 1, 2 & 3                    Quarter 4 Market / investment performance  12 month Market / investment performance  Closing

                      AuM          Quarter 1, 2 & 3       Quarter 4     12 month       Market / investment performance    £m                                         £m                                        AuM

                      1 Oct 2022   net flows               net flows     net flows    £m                                                                                                                       30 Sept 2023(1,3)

                      £m           £m                     £m            £m                                                                                                                                     £m
                      5,631        (818)                  (596)         (1,414)       370                                 (24)                                       346                                       4,563

 Equity funds
 Multi-asset funds    3,263        (131)                  (114)         (245)         48                                  2                                          50                                        3,068
 Fixed income funds   750          367                    28            395           (5)                                 20                                         15                                        1,160
 Investment trusts    519          (36)                   (2)           (38)          (28)                                (5)                                        (33)                                      448
 Segregated mandates  402          137                    18            155           11                                  14                                         25                                        582
                      10,565       (481)                  (666)                       396                                 7                                          403                                       9,821

 Total                                                                  (1,147)

( )

(1) Comprising of 41 open-ended funds, four investment trusts and two external
segregated mandates.

 

(2) The quartile performance rankings are based on Investment Association
sector classifications where applicable. This covered a total of 37 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 30 September 2023 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 £283 million.

 

 

Notice of results

Premier Miton will issue its results for the financial year ending 30
September 2023 on 5 December 2023.

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 7597 4000

 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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