Premier Miton experienced net outflows in every quarter of its recent financial year, which ended on 30 September 2022, with assets under management falling to £10.6bn from £13.9bn a year ago.
In total, clients withdrew £1.1bn during the year, of which £300m was in Q4. The remainder of the AUM erosion, nearly £2.3bn, was the result of negative market movements.
Unsurprisingly, equities were responsible for the lion’s share of the losses, with investors dumping £939m of the asset class over the 12 months. In all, Miton’s equity funds shrank to £5.6bn from £8.2bn during the year.
The firm’s multi-asset funds and investment trusts followed a similar pattern, albeit to a much lesser extent, ending the year down £656m and £265m, respectively.
There was some solace for Miton, however, as the firm’s fixed income strategies recorded four consecutive quarters of positive flows. While market performance detracted somewhat from these gains, the firm’s fixed income funds grew to 750m from £594m a year ago.
In further positive news for the UK asset manager, it stated that 88% of Miton’s funds are ranked first or second quartile since inception. In addition, CEO Mike O’Shea (pictured) said that the shorter-term numbers remained “encouraging”, with 86% of Miton’s funds above the median over three years.
O’Shea also outlined the personnel changes that had occurred over the firm’s fourth financial quarter. Jonathan Willcocks was appointed global head of distribution, and Matthew Tillett is set to join the firm this month from Allianz Global Investors. Tillett will take over as manager of the Premier Miton UK Value Opportunities Fund from Andy Jackson, who is retiring at the end of the year.
Ending the report on a positive note, O’Shea said: “Against a backdrop of rising inflation and interest rates which are impacting both our clients and our colleagues, I am confident that with our operational and financial strength we are in a good position to navigate these volatile times.”
