Premier Miton has suffered a £3.3bn drop in its assets under management in the 12 months to the end of September, according to a trading update published today (14 October).
The AUM stood at £10.6bn, down from £13.9bn at the end of September 2021.
During the three months to the end of September this year, the firm experienced £340m of net outflows, bringing the total net outflows for the 12 month period to £1.1bn.
Closing AUM for equity funds was £5.6bn, down from £8.2bn a year previously. Multi-asset fund assets dropped from £3.9bn to £3.2bn, while investment trusts also saw a decline down from £784m to £519m.
Mike O'Shea, Premier Miton CEO, said the outflows were from the UK and European open-ended funds and was due to "weak client demand across the industry".
"These outflows were partially offset by inflows into our fixed income, US equity and diversified multi-asset funds," he said. "For the 12 months to 30 September 2022, gross redemptions from open-ended funds run by the group were down 4% year on year, however, gross inflows into these products were down 35% over the same period."
Fixed income funds saw its assets grow from £594m to £750m during the 12 months to the end of September.
In the trading update, Premier Miton highlighted that it had appointed Jonathan Willcocks as global head of distribution. O'Shea said Willcocks "will play a key role in developing and leading our distribution and marketing strategy as we expand our investment strategies, diversify our client base and seek to grow AUM with both wholesale and institutional investors".
