Premier Miton confident amid 'volatile' trading environment

The AIM-traded firm reported £0.3bn of net outflows in the three months ended 30 June, as but described further positive net flows in fixed income funds and diversified multi-asset funds.

It reported a “strong” relative investment performance, with 91% 1 of assets under management and 85% of funds in the first or second quartile of their respective sectors since manager inception.

A new emerging markets sustainable equities fund management team was also announced in the quarter.

“Geopolitical events continued to create uncertainty in markets and this was reflected in the group's reduction in assets under management during the quarter,” said chief executive officer Mike O'Shea.

“Investors remain cautious about committing to new investments, as highlighted by ongoing outflows across UK public equities, and we saw net outflows of £0.3bn in the period.

“These were primarily from European and UK equity funds, reflecting softer client sentiment.”

O'Shea said the outflows were partially offset by inflows into the firm’s fixed income funds, and its diversified multi-asset funds.

“Our investment performance remains relatively strong in these turbulent times, with 85% of our funds in the first or second quartile of their respective sectors since manager inception.

“Shorter-term numbers are also encouraging with 80% of funds above median over three years, representing 85% of assets under management.

“The strength of our business platform, the quality and performance of our investment teams and our clear proposition built on active management mean that, despite the challenging economic conditions, we remain well placed for the future.”

Mike O'Shea said that, as part of its long-term growth strategy, Premier Miton was continuing to invest in its business.

“We were pleased to announce the appointment of an emerging markets sustainable equities fund management team during the period - Fiona Manning and Will Scholes will join the group at the end of August from Abrdn.

“Subject to regulatory consent, we expect to launch a Premier Miton emerging markets sustainable equities fund in early 2023, adding to our current range of six dedicated responsible and sustainable funds.

“With our operational and financial strength, we are in a strong position to navigate this volatile period.”

At 1116 BST, shares in Premier Miton Group were up 1.16% at 113.8p.

Reporting by Josh White at Sharecast.com.