Premier Miton has grown its assets under management by 9% to £10.7bn to the end of March this year, according to its half-yearly results published today (30 May).
Some £560m of its AUM was added through Premier Miton’s acquisition of Tellworth Investments, which was completed in January this year. As at 24 May, AUM had increased by a further £100m to £10.8bn.
While the firm said the current quarter signals an “improving fund flow environment”, net outflows over the reported six-month period reached £46m, compared to £32m of outflows during H2 2023.
A total of 68% of the firm’s funds achieved an above-median returns since launch or over the managers’ tenure to the end of March 2024, compared to 76% to the end of October last lear.
Although adjusted pre-tax profits were firmly in the black, they suffered a 27.8% fall to £5.7m, compared to £7.9m during the previous half-year reporting period.
Mike O’Shea (pictured), chief executive officer of Premier Miton Group, said: “It is pleasing to have seen this improvement continue during the current quarter both in terms of assets under management but also, more recently, in terms of an improving flow environment. Additionally, we are encouraged that shorter term investment performance is on an improving trend as market breadth improves and mid and small cap stocks recover.”
He added the backdrop for active fund sales in the UK retail market has been “challenging over the period”, and has remained so since interest rates began to rise at the end of 2021.
“We are now at a point where interest rates are likely to trend lower as we move through 2024 and we believe this will support an improving environment for fund flows and asset values,” O’Shea explained. “Demand for savings products will remain high as savers and investors need to do more to secure their individual long term financial futures. Active managers such as Premier Miton have a role to play in managing these savings.”
