8th Jan 2021 12:16
(Alliance News) - Premier Miton Group PLC on Friday said it ended 2020 with almost GBP12.0 billion in assets under management.
The wealth manager ended its first quarter with GBP11.99 billion in assets under management, which is a 13% rise from the GBP10.61 billion in assets seen at the end of September.
Premier Miton said it recorded GBP166 million in net inflows in the first quarter, but noted its multi-asset funds saw GBP384 million in outflows but this was offset by GBP340 million in inflows for its segregated mandates and GBP196 flows for its equity funds.
The wealth manager also said its investment performance added GBP1.21 billion to total assets.
"It is pleasing to see a return to net inflows for the group driven by positive flows into our equity and fixed income strategies. Unfortunately, we continued to see outflows from our multi-asset multi-manager funds although there has been a noticeable improvement in short-term investment performance," Chief Executive Mike O'Shea said.
The firm also noted it also completed the merger of its Premier and Miton businesses during the quarter.
In November last year, Premier Asset Management Group completed its takeover of Miton Group, adding GBP4.70 billion in funds under management. Following the all-share merger, the former shareholders of Miton hold 33% in the enlarged company, with Premier Asset Management owners having the controlling stake.
Looking ahead, O'Shea said he hopes the Brexit trade deal signed by the UK and EU will bring an end to the economic and political uncertainty seen over the past couple years.
The CEO continued: "Premier Miton has a range of top performing UK equity funds that are well placed to capture market share as investor interest returns to this area of the market.
"Finally, we look forward to the launch of the Premier Miton Global Smaller Cos Fund on March 22. This fund will be managed by Alan Rowsell who successfully ran a similar fund at Aberdeen Standard Investments. Premier Miton already has extensive smaller companies experience across UK, US and European equities and the new fund will draw on this, alongside Alan's own expertise, to provide further investment choice for our clients."
Shares in Premier Miton were 3.5% higher in London on Friday at 154.20 pence each.
By Paul McGowan; [email protected]
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