14th Oct 2022 12:30
(Alliance News) - Premier Miton Group PLC on Friday said assets under management fell owing to steep net outflows as it cited "the recent fiscal event in the UK" and an uncertain period for global markets.
The London-based asset manager said assets under management at September 30 fell 24% to GBP10.6 billion from GBP13.9 billion a year prior. It reported GBP300 million of net outflows for its fourth quarter, swung from GBP120 million of net inflows a year prior.
Further, for the full financial year, equity funds had a net outflow of GBP939 million, swung from a net inflow of GBP1.17 billion.
Market performance turned to negative GBP2.29 billion from positive GBP2.49 billion a year ago.
"The recent fiscal event in the UK combined with the ongoing geopolitical environment have created a challenging and uncertain period for markets both in the UK and globally. Investors understandably have remained cautious about committing new investments during this period and we have also seen outflows across the industry from open-ended funds," said Chief Executive Officer Mike O'Shea.
Looking ahead, he added: "Against a backdrop of rising inflation and interest rates which are impacting both our clients and our colleagues, I am confident that with our operational and financial strength we are in a good position to navigate these volatile times."
The firm will release its full-year results for the year ended September 30 on December 2.
Premier Miton shares fell 3.1% to 95.00 pence each in London on Friday.
By Tom Budszus; [email protected]
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