TIDMPMI
RNS Number : 9949P
Premier Miton Group PLC
13 October 2023
Premier Miton Group plc
('Premier Miton', 'Group' or the 'Company')
Q4 AuM update and notice of results
Premier Miton Group plc (AIM: PMI) today provides an update on
its unaudited statement of Assets under Management ('AuM') for the
fourth quarter of its current financial year (the 'Quarter' or
'Period').
-- GBP9.8 billion closing AuM at 30 September 2023 (30 June 2023: GBP10.5 billion)
-- GBP0.7 billion of net outflows for the Quarter and GBP1.1
billion of net outflows for the year to 30 September 2023
-- Continued strong relative investment performance, with 73%
(2) of funds in the first or second quartile of their respective
sectors since launch or fund manager tenure
-- Company remains comfortable with market expectations for its
financial performance for the year to 30 September 2023
Mike O'Shea, Chief Executive Officer, commented:
"The Group's AuM ended the Quarter at GBP9.8 billion,
representing a 7% reduction on the opening position for the year.
It has once again been a difficult period in many parts of the
investment market, with investors shying away from equity funds,
particularly in the UK equity and European equity sectors. We were
not immune to this trend and despite ending the first half of the
year level in terms of flows, we saw a slowing of sales and an
acceleration of redemptions - much of it in UK and European
equities - in the second half of the financial year. In particular,
a single client undertook a reorganisation of their portfolios
which resulted in almost GBP500 million of outflows in the year.
However, it was pleasing to see continued flows into our fixed
income and directly invested 'Diversified' multi-asset
strategies.
"Investment performance has remained good across our multi-asset
and fixed income strategies. It has been more difficult in the
short term for many of our equity strategies given that we are
active managers and do not run our funds close to index benchmarks.
The inevitable consequence of running strategies that can deliver
significant index outperformance is that there are likely to be
periods of underperformance and our equity strategies have been
through just such a period for much of the current calendar year.
However, it is pleasing to see that 73% of our funds have delivered
performance ahead of median since manager inception and, despite
some short-term volatility, that figure is still 62% over the
three-year period.
"Given the more difficult market backdrop, there has been an
ongoing focus on ensuring costs within the business are fully
aligned with revenue expectations. Good progress has been made in
this regard with several restructuring changes completed during the
year the benefit of which will come through partially in FY23 with
full impact in FY24.
"We have a strong product set and have several new initiatives
under consideration to help build momentum behind our organic
growth strategy, as well as plans to further streamline our
business where appropriate. Our well-regarded distribution and
marketing teams remain committed to high levels of activity and are
targeting those strategies that are currently in demand from
investors, such as fixed income, money market and multi-asset. We
are also laying the groundwork for when there is a renewed risk
appetite in equities. We continue to maintain high levels of
visibility in the market by participating in numerous fund manager
roadshows and events servicing existing clients and showcasing our
breadth and depth of investment talent to prospective clients,
whilst increasing advertising and press activity.
"We also continue to assess a range of inorganic opportunities
to add to our product capabilities and client reach. Naturally
these are only pursued where there is a clear benefit to our
business, and we are currently in the late stages of progressing
one bolt on acquisition with a focus on the UK alternatives space.
"
Assets under Management:
Quarter
1, 2 &
3 Quarter 12 month
Opening Quarter Quarter Market 4 Market Market Closing
AuM 1, 2 & 4 12 month / / / AuM
1 Oct 3 net net investment investment investment 30 Sept
2022 net flows flows flows performance performance performance 2023 (1,3)
GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
Equity
funds 5,631 (818) (596) (1,414) 370 (24) 346 4,563
Multi-asset
funds 3,263 (131) (114) (245) 48 2 50 3,068
Fixed income
funds 750 367 28 395 (5) 20 15 1,160
Investment
trusts 519 (36) (2) (38) (28) (5) (33) 448
Segregated
mandates 402 137 18 155 11 14 25 582
Total 10,565 (481) (666) (1,147) 396 7 403 9,821
(1) Comprising of 41 open-ended funds, four investment trusts
and two external segregated mandates.
(2) The quartile performance rankings are based on Investment
Association sector classifications where applicable. This covered a
total of 37 open-ended funds since manager inception. Data is
sourced from FE Analytics FinXL using the main representative
post-RDR share class, based on a total return, UK Sterling basis.
All data is as at 30 September 2023 and the performance period
relates to when the fund launched or the assumed tenure of the fund
manager(s).
(3) 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 GBP283 million.
Notice of results
Premier Miton will issue its results for the financial year
ending 30 September 2023 on 5 December 2023.
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)
Bruce Garrow / Ben Griffiths / Virginia
Bull / Harry Hargreaves 020 7597 4000
Edelman Smithfield Consultants (Financial
PR) 07785 275665 /
John Kiely / Latika Shah 07950 671948
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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END
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