Premier Miton Assets Under Management Fell on Investor Uncertainty

By Joe Hoppe

Premier Miton Group said that assets under management declined in the fourth quarter of fiscal 2023 as investors shy away from equity funds, particularly in U.K. and European sectors.
The London-listed asset manager said Friday that assets under management fell to 9.8 billion pounds ($11.93 billion) at Sept. 30 from GBP10.5 billion at June 30.

The company said it had net outflows of GBP666 million in the period, and GBP1.1 billion of net outflows for the full-year. It said it saw a slowing of sales and an acceleration of redemptions in the second half of the year, having ended the first half relatively level.
Investment performance has remained good and the company said 73% of its funds have delivered ahead of the median since manager inception, and 62% ahead over a three year period.
The company said that given the more difficult market backdrop, it has focused 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 fiscal 2023 with [the] full impact in fiscal 2024,” Chief Executive Mike O’Shea said.
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