Premier Miton suffers £619m outflows in first year post-merger

AUM up over six months

Premier Miton Group has reported net outflows of £619m during its full financial year to the end of September and a fall in profit before tax as a result of the "significant market disruption" resulting from the Covid-19 pandemic.

However, adjusted profit before tax was up 18% to £22.4m compared to the previous year, while total assets under management rose 16% since the half year to stand at £10.6bn. In addition, chief executive Mike O'Shea said that although the group saw net outflows, he is "encouraged by our continued positive fund flow momentum into our equity and fixed income funds, the strong performance across our broad range of multi-asset funds, and the potential of our new investment capabilities" as a result of the merger with Miton. He said: "It has been a landmark year for Premier Miton. Our finan...