Q2 AuM update
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 2025 (the 'Quarter' or 'Period').
· £10.2 billion AuM as at 31 March 2025 (30 September 2024: £10.7 billion)
· Net inflows continue into absolute return strategies during the Period
· Net outflows from UK and European equity strategies
· £221 million of net outflows for the Quarter, of which £175 million relates to one European equity fund
· £3 million of identified annual cost efficiencies expected to be implemented by September 2025
· AuM estimated at £10.0 billion at 14 April 2025, with small net positive flows seen during the first 10 trading days of the month
Mike O'Shea, Chief Executive Officer, commented:
"The Group's AuM ended the Quarter at £10.2 billion, a decrease of 5% on the opening position for the financial year. We saw strong demand for the absolute return funds during the Period driven by continued good performance. This was offset by outflows predominantly from the European Opportunities fund of £175 million driven by shorter term relative underperformance. We maintain our belief in this fund's long-term focus on growth orientated European companies in sectors such as technology and healthcare which have high returns on capital, and which can compound for positive investment returns."
"We have completed the operational infrastructure review which we flagged in December 2024 and have identified operational efficiencies across our business which are expected to reduce our annual run-rate costs by approximately 6% or £3 million annually. Implementing these efficiencies and cost reductions is expected to be completed by the end September 2025. The associated one-off costs to achieve these are estimated to be in the region of £1 million. We remain fully focused on managing our portfolio of products and our cost base to optimise the prospects of success for our key stakeholders."
"Whilst market conditions remain difficult, we continue to believe that running a well-diversified portfolio of highly active strategies is the right long-term approach for the business. Although we saw something of an improvement in net flows in the first quarter of the current financial year, this has slipped back in the second as market volatility returned. We were encouraged to see that Premier Miton was listed in the top 20 firms for both gross and net retail sales in calendar 2024 in the influential Pridham Report. This is testament to the high regard our fund management team is held in with investors as well as the strength of our distribution capabilities, notwithstanding the difficult market for fund sales."
"Since the end of the Quarter, market volatility has increased driven by fears for the global economy following the introduction of US tariffs. Looking forward, we know from experience that market volatility creates positive opportunities for active fund managers. Despite the short-term challenges, we are encouraged by the strong new business pipeline across our fixed income, absolute return and several of our equity strategies. We expect market conditions will stabilise in due course and allow us to convert this pipeline into sales over the remainder of the year. In the meantime, we remain focussed on delivering continued operational efficiency within a resilient business model. Given our strong acquisition track record, we remain alert to further potential strategic and tactical opportunities which have the scope to add significant value to the business."
Assets under Management:
On 31 March 2025, our AuM stood at £10.2 billion.
A reconciliation of AuM and flows over the Quarter is below:
|
|
Equity UK |
Equity International |
Multi-asset Multi Manager |
Multi-asset Direct and Diversified |
Fixed Income |
Absolute Return |
Total |
|
|
£m |
£m |
£m |
£m |
£m |
£m |
£m |
|
AuM at 1 January 2025 |
1,801 |
3,306 |
1,056 |
1,704 |
2,102 |
703 |
10,672 |
|
Net flows |
(88) |
(165) |
(65) |
(42) |
(27) |
166 |
(221) |
|
Market/investment performance |
(45) |
(228) |
27 |
(23) |
25 |
(6) |
(250) |
|
|
|
|
|
|
|
|
|
|
AuM at 31 March 2025 1, 2 |
1,668 |
2,913 |
1,018 |
1,639 |
2,100 |
863 |
10,201 |
|
|
|
|
|
|
|
|
|
A reconciliation of AuM and flows over the six-month period to 31 March 2025 is below:
|
|
Equity UK |
Equity International |
Multi-asset Multi Manager |
Multi-asset Direct and Diversified |
Fixed Income |
Absolute Return |
Total |
|
|
£m |
£m |
£m |
£m |
£m |
£m |
£m |
|
AuM at 1 October 2024 |
1,910 |
3,274 |
1,132 |
1,727 |
2,062 |
578 |
10,683 |
|
Net flows |
(185) |
(189) |
(121) |
(39) |
- |
280 |
(254) |
|
Market/investment performance |
(57) |
(172) |
7 |
(49) |
38 |
5 |
(228) |
|
|
|
|
|
|
|
|
|
|
AuM at 31 March 2025 1, 2 |
1,668 |
2,913 |
1,018 |
1,639 |
2,100 |
863 |
10,201 |
|
|
|
|
|
|
|
|
|
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 £265 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 |
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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