9th Jul 2019 10:21
(Alliance News) - Premier Asset Management Group PLC on Tuesday said continued challenging conditions for the investment industry, including record low fund inflows, have led to a decline in assets under management in the third quarter of financial 2019.
The company's assets under management for the quarter ended June 30 stood at GBP6.74 billion, down from GBP6.77 billion a year ago. The decline was blamed upon net fund outflows of GBP55 million in the quarter versus inflows of GBP202 million a year ago.
For the nine month period to June-end, net inflows totalled GBP12.6 million versus GBP613.4 million in the comparative year ago period. Redemptions totalled GBP1.27 billion versus GBP1.11 billion, while sales - or gross inflows - was GBP1.28 billion versus GBP1.72 billion.
"Notwithstanding the challenging industry headwinds, we continue to believe that our focus on relevant products, good investment outcomes after charges and a strong distribution capability means our business remains well positioned for the future when sentiment improves," said Chief Executive Officer Mike O'Shea.
Premier Asset Management raised its quarterly dividend per share by 3.0% to 1.70 pence each from 1.65p paid in the year ago period.
The stock was untraded in London on Tuesday at 194.50p.
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