Premier Miton’s assets and profits fall as ‘market stress’ takes a toll

The fund manager also reported net outflows of £32m


Premier Miton said its assets under management have fallen to £11bn from £12.8bn a year ago.

In its half-year results, the asset manager also reported net outflows of £32m, versus £401m at the same point last year. Profits before tax slid to £2.4m from £9.9m. 

Adjusted profits with merger related costs and other exceptional items stripped out fell to £7.9m from £14.9m a year earlier.

Shares in Premier Miton fell 6% to 83p following publication of the results.

CEO Mike O’Shea commented: “Although this has been a tougher period for investors, we remain convinced that the work we have done in building a diversified active manager that can offer products across equities, fixed income and multi-asset will bear fruit in the long term.

“At times of market stress there are substantial opportunities for genuinely active managers who have the courage of their convictions to run differentiated, long-term, and focussed portfolios by taking an agile and positive role in the capital allocation process.”

Chair Robert Colthorpe also noted the difficult trading conditions faced by asset managers over the past year.

“The political and financial turmoil in the UK in late 2022 has revealed with brutal clarity some deep problems affecting the structure of the UK savings market, especially for longer term savings and access to capital and investment support in public markets,” he said.

“A healthy, successful and efficiently functioning capital market is vital for the UK’s strategic and business interests. I am pleased to see there are many initiatives now under way to identify what can be done to create better conditions for the future.

“Investors appear to have been shaken by the events of 2022 and are reluctant to commit to new investments. This has been reflected in industry data which continues to show large outflows from actively managed funds – particularly in areas like UK equities and European equities – during the six months. There has, however, been an uptick in demand for fixed income strategies where we are well placed to serve our clients.”


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