Premier Miton Group, the newly merged wealth manager in the UK, has registered a fall in profit in its first full-year results as a combined business as it is hit by outflows.

The business was formed through the merger of Premier Asset Management Group with Miton Group.

Annual highlights

The consolidation cost the business £4.5m. Administrative expenses increased to £44m from £29.6m.

As a result, the firm’s profit before tax dropped to £9.6m from £13.7m.

On the bright side, the firm closed the year with assets under management of £10.6bn.

The figure is a 16% increase from £9.1bn at the end of March and higher compared to £6.6bn in the prior year.

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Net outflows were £619m for the year.

Commenting on the performance, Premier Miton Group CEO Mike O’Shea said: “We have made a number of key investment team hires during the year in fixed income, global sustainable equities, global smaller companies, and UK equities, which further strengthens our business for the future.

“Although we had net outflows during the year, we are encouraged by our continued positive fund flow momentum into our equity and fixed income funds, the strong performance across our broad range of multi-asset funds, and the potential of our new investment capabilities.”

“The Group seeks to maintain a dividend policy that targets an ordinary dividend payout of approximately 50% to 65% of adjusted profit after tax, and despite the challenging environment we are proposing a final dividend of 4.5p per share, bringing the total for the full year to 7p.”