Premier AM's assets under management grew to £5bn in Q4

AIM-listed Premier Asset Management Group’s assets under management grew in the fourth quarter, despite uncertainty in the market in the wake of the EU referendum result.

In a trading update for the quarter ended 30 September, the company said total assets under management increased to £5bn.

Net inflows were £95m for the quarter while total net inflows for the year were £778m.

Over a three and five-year period, 96% and 94% respectively of the company's retail fund assets under management were above the median, with 71% and 73% of its retail fund assets under management achieving first quartile performance in their respective investment sectors, excluding absolute return and volatile funds.

Chief executive Mike O'Shea said the company’s assets under management grew due to strong net sales and a long-term record of producing attractive investment outcomes for clients, while it focuses on multi-asset, income and absolute return funds, which address demand from retail investors.

“Despite the market volatility following the EU referendum decision, we have continued to increase assets under management over the fourth quarter and recorded positive net sales in each of the three months, supported by demand for the company's multi-asset funds, and with an improving net sales trend being experienced from July to September.

“We are confident that our strategy of offering relevant investment products, which are designed to meet the different long-term needs of UK investors, backed by good investment results, a strong distribution capability and scalable operating platform positions us well to deliver for our fund investors and for our shareholders."

Shares in Premier Asset Management Group were down 0.74% to 133.50p at 0859 BST