Q2 AuM update
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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 |
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 2026 |
1,574 |
1,776 |
946 |
1,671 |
2,643 |
949 |
9,559 |
|
Net flows |
(100) |
(277) |
(31) |
(74) |
111 |
(72) |
(443) |
|
Market/investment performance |
7 |
(100) |
(12) |
21 |
(20) |
(20) |
(124) |
|
|
|
|
|
|
|
|
|
|
AuM at 31 March 2026 1, 2 |
1,481 |
1,399 |
903 |
1,618 |
2,734 |
857 |
8,992 |
|
|
|
|
|
|
|
|
|
A reconciliation of AuM and flows over the six-month period to 31 March 2026 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 2025 |
1,708 |
2,382 |
971 |
1,734 |
2,450 |
1,081 |
10,326 |
|
Net flows |
(266) |
(879) |
(78) |
(173) |
274 |
(191) |
(1,313) |
|
Market/investment performance |
39 |
(104) |
10 |
57 |
10 |
(33) |
(21) |
|
|
|
|
|
|
|
|
|
|
AuM at 31 March 2026 1, 2 |
1,481 |
1,399 |
903 |
1,618 |
2,734 |
857 |
8,992 |
|
|
|
|
|
|
|
|
|
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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