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 its current financial year (the 'Quarter' or 'Period').
· £12.8 billion closing AuM at 31 March 2022 (31 December 2021: £13.9 billion)
· £216 million of net outflows from open ended funds for the Quarter (£303 million net outflows for the financial year to date)
· Positive net flows in fixed income funds and Diversified multi-asset funds
· 49 1 products managed by 17 investment teams at the Period end
· Strong relative investment performance with 87% 2 of AuM and 77% 2 of funds in the first or second quartile of their respective sectors since manager inception
· New institutional distribution capability announced in the Period
Mike O'Shea, Chief Executive Officer, commented:
"Geopolitical events created a challenging period for markets and this was reflected in the Group's AuM ending the Quarter at £12.8 billion. This represents a fall of 8% on the opening position for the financial year. Inevitably, investors have been cautious about committing to new investments during this period of uncertainty. We have seen net outflows of £216 million from the open ended funds managed by the Group. These were primarily from UK equity funds and the multi-asset multi-manager funds, reflecting softer client sentiment. The outflows were partially offset by inflows into our fixed income funds and the Diversified multi-asset funds.
"Our investment performance remains relatively strong in these turbulent times, with 77%2 of funds in the first or second quartile of their respective sectors since manager inception, which represents 87%2 of AuM. The strength of our business platform, the quality and performance of our investment teams and our clear proposition built on genuine active management mean that, despite the challenging economic conditions, we are well positioned for the future.
"As part of our long-term growth strategy, we continue to invest in our investment and client platform. This has included hiring new teams and launching new funds. These new funds include our current range of six dedicated responsible and sustainable funds, including the launch in March 2022 of our Premier Miton Diversified Sustainable Growth Fund, our first dedicated responsible and sustainable multi-asset fund.
"During the period we announced the development of a new institutional distribution channel, focused on building relationships with institutional investors and investment consultants to enable growth in AuM from an additional client base.
"The long-term investment market implications of current events remain unclear, including the recovery pathway from the coronavirus pandemic, the implications of rising interest rates, inflation and the end of quantitative easing, and wider geopolitical uncertainty. Nevertheless, we strongly believe that the current environment will create good long-term opportunities for our active fund managers to deliver value for investors and growth for our business."
Assets under Management:
| Opening AuM 1 Oct 2021 £m |
Quarter 1 net flows £m |
Quarter 2 net flows £m |
Year to date net flows £m | Market / investment performance £m | Closing AuM 31 Mar 20223 £m |
Equity funds | 8,223 | (70) |
(209) |
(279) | (567) | 7,377 |
Multi-asset funds | 3,919 | (79) | (80) | (159) | (38) | 3,722 |
Fixed income funds | 594 | 62 | 73 | 135 | (21) | 708 |
Investment trusts | 784 | (100) | (1) | (101) | (42) | 641 |
Segregated mandates | 411 | (1) | 4 | 3 | (15) | 399 |
Total | 13,931 | (188) |
(213) |
(401) | (683) | 12,847 |
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1 Comprising of 43 open-ended funds, four investment trusts and two segregated mandates.
2 The quartile performance rankings are based on Investment Association sector classifications where applicable, this covers 35 open-ended funds. 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 2022 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 £181 million.
ENDS
For further information, please contact:
Premier Miton Group plc Mike O'Shea, Chief Executive Officer
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01483 306 090
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Investec Bank plc (Nominated Adviser and Broker) Bruce Garrow / Ben Griffiths / Virginia Bull / Harry Hargreaves
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020 7260 1000
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Edelman Smithfield Consultants (Financial PR) John Kiely / Latika Shah
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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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