Dublin acquisition ‘boosts’ international markets presence: Premier Miton Q2 update

Premier Miton Group today (12 April) flagged that its successful completion of both the acquisition of Tellworth Investments LLP and the take on of the investment management activities of GVQ Investment Funds (Dublin) "enhance our presence in both institutional and international markets".

In the update on its unaudited statement of Assets under Management for the second quarter of its current financial year, the AIM-listed asset manager reported £10.7bn closing AuM at 31 March 2024 (30 September 2023: £9.8bn), and the addition of £560m AuM through the acquisition of Tellworth Investments LLP and the appointment as investment manager to GVQ Investment Funds (Dublin) plc.

However, there were £268m of net outflows for the quarter.

Mike O'Shea, chief executive officer, said: "The Group’s AuM ended the Quarter at £10.7 billion, an increase of 9% on the opening position for the financial year.

"Long-term investment performance remains relatively strong with 68% ² of funds in the first or second quartile of their respective sectors since launch or fund manager tenure. It has also been encouraging to see shorter term performance on an improving trend as market breadth improves and mid and small cap stocks recover.

"As previously announced, during the Quarter we successfully completed both the acquisition of Tellworth Investments LLP and the take on of the investment management activities of GVQ Investment Funds (Dublin) plc. Both are complementary to our existing business and align with our strategic objective to diversify our product range and enhance our presence in both institutional and international markets.

He continued: "The backdrop for active fund sales in the UK retail market has been challenging over the Period, as it has been since interest rates began to rise at the end of 2021. We are now at a point where interest rates are likely to trend lower as we move through 2024 and we believe this will support an improving environment for fund flows and asset values that should particularly benefit Premier Miton.

"We remain confident that our clear proposition in active management and our belief in the potential of mid-sized and smaller companies to deliver significant long-term outperformance over index strategies, alongside our diversified product range and powerful distribution capabilities will allow the Group to perform well for our clients and our shareholders moving forward."