Premier Miton’s assets under management jumped 31% in the year to the end of September thanks to strong inflows and market performance.
The fund group reported on Tuesday that AUM had reached £13.9bn thanks to £830m of net inflows, compared with £619m of outflows the year before.
Profit before tax jumped 82% to £17.5m, up from £9.6m in 2020, and net revenue was up 26.5%.
Net management fees increased 25% to £82.9m, though net management fee margin was 1.4% lower year on year. It said this was due to the change in the firm’s business mix and the impact of flows and markets on existing business.
Investment performance improved year on year, with 83% of funds in the first or second quartile of their respective sectors since launch or fund manager tenure. This compares with 65% in 2020.
In the past 18 months, the group launched six new funds and took on two segregated mandates, which in total accounted for £693m of AUM at the end of September.
It also noted 17 of its 19-strong multi-asset range now have OCFs below 1%. The range saw £627m worth of outflows in the first half of the year and £183m in the second half.
The firm’s five-fund Diversified range collectively saw £130m of net inflows versus outflows of £3m in 2020.
Premier Miton chief executive Mike O’Shea (pictured) said the asset manager’s medium-term ambition is to reach £20bn of AUM.
He said: “With our talented investment teams, excellent long-term performance and strong distribution capabilities we can see how this is achievable. As part of this growth ambition, we will continue to develop our successful profile in the UK wealth management and independent financial advisory space as well as exploring opportunities to grow our presence in the UK institutional market.”
See also: Assetco tipped as better home for R&M than Premier Miton
