Premier Miton Group has posted a drop in assets under management and significant net outflows for the second quarter of 2023.
In its trading update for the three months to 30 June released today (14 July), the company said it had closed the quarter with £10.5bn AUM, down from £11bn at the end of Q1, as it recorded net outflows of £449m.
More specifically, the only strategies that experienced net inflows in the second quarter of 2023 were the company's segregated mandates, with £118m.
Premier Miton average assets drop 17% over six months as net outflows persist
CEO Mike O'Shea said fixed income was a positive area for the company, with £175m inflows over the quarter, although this was partly offset by £70m in outflows from money market funds.
The firm's own fixed income strategies, however, had a markedly different quarter to its segregated mandates, losing £13m over the period.
The biggest losses were reported among equity funds as they suffered £458m in outflows, followed by £62m pulled from multi-asset strategies and £34m from investment trusts.
Premier Miton noted it has continued to deliver strong relative investment performance, with 81% of its funds ranking in the first or second quartile of their respective sectors since fund launch or the current manager tenure.
Liontrust AUM drops 6% on £1.6bn quarterly outflows
O'Shea added: "We saw outflows from across our fund range as investors retrenched against a backdrop of higher inflation, higher interest rates and ongoing market uncertainty. These outflows were principally driven by asset allocation decisions in the wider market, with investors choosing to reduce exposure to equities.
"We continue to focus heavily on building our profile with advisers and wealth managers through our marketing and distribution activity. We believe we have a suite of investment products that will be attractive to investors and their advisers once they return to having a more positive investment outlook."
