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January 8, 2021

Premier Miton records 13% growth in AuM

By Hannah Wright

Premier Miton registered a 13% increase in assets under management (AuM) following the completion of its merger integration.

According to the group’s Q1 statement for the current financial year, Premier Miton recorded closing AuM of £12bn ($16.3bn) at 31 December 2020, a £1.4bn increase from 30 September 2020.

The growth is attributed to the net inflows of £166m during the quarter, alongside a strong market performance generating £1,213m. Equity funds and multi-assets funds were a large part of this, generating £737m and £355m respectively.

The latest unaudited statement of AuM comes as welcome news to the group, following a fall in profit during its first full-year results.

Commenting on the results, CEO – Mike O’Shea said: “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.”

The merger between Miton Group and Premier Asset Management Group closed in November 2019 and cost the business £4.5m. Administrative expenses were £14.4m greater than anticipated. Consequently, the group’s profit before tax dropped to £9.6m from £13.7m.

Referring to the integration of the two firms, O’Shea continued: “I am also pleased to report that during the quarter, the final operational stages of the integration of the former Premier and Miton businesses were completed. This allows the Group to move forward with a single operating platform across our entire fund range.”

Coinciding with the closure of the Premier Miton’s financial period, the UK successfully managed to establish a trade agreement with the EU, which O’Shea hopes will “end the economic and political uncertainty around Brexit”.

O’Shea added: “This should be positive for UK equities, which have suffered an extended period of relative underperformance. 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.”

Looking forward to the future, Premier Miton will launch its Global Smaller Companies Fund on the 22 March 2021. Managed by Alan Rowsell, the new fund will further the group’s experience with small businesses across UK, US and European equities. Rowsell previously ran a similar fund at Aberdeen Standard Investments.

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