Premier Miton average assets drop 17% over six months as net outflows persist

Equities outflows of £360m

Premier Miton suffered a 17% drop in average assets under management in the last six months as tough macroeconomic conditions dented investors’ risk appetite and hit short-term performance.

According to its half-year results to the end of March 2023, the group's average AUM fell to £11.2m, down from £13.4m in the comparative period, reflecting a lower opening AUM position. Assets at the end of the period were £10.9m, up 4% from the assets at the start of the current financial year of £10.5m. However, this was down from £12.8m in the previous six months. The early signs of returning confidence amongst fund buyers in the latter stages of 2022 did not follow through into 2023, as the banking shocks that unfolded towards the end of the period dented risk appetite, CFO Piers ...