Premier Miton Group has reported a decrease in assets under management (AUM) during the fourth quarter of fiscal 2023. Investors have shown reluctance, particularly in the U.K. and European sectors, resulting in this decline.
As of September 30, the London-listed asset manager’s AUM fell to £9.8 billion ($11.93 billion) from £10.5 billion at the end of June. The company recorded net outflows of £666 million during this period and a total of £1.1 billion for the entire year. Sales slowed down while redemptions picked up pace in the second half, leaving the first half relatively stable.
Despite these challenges, Premier Miton Group maintains that its investment performance has remained strong. They highlight that 73% of their funds have delivered returns higher than the median since their inception as managers, with 62% outperforming over a three-year period.
To address the more difficult market situation, the company has taken steps to align its costs with revenue expectations. Several restructuring changes have been implemented throughout the year, and their full impact is expected to be seen in fiscal 2024, with some benefits already anticipated in fiscal 2023.
In conclusion, Premier Miton Group acknowledges the decline in assets under management but remains optimistic about its investment performance and future prospects.