Premier assets tick up amid investor uncertainty

Premier Asset Management has reported a slight increase in assets under management in the face of a host of tough market conditions.

In a first quarter trading update this morning, Premier notes that there has been “continued political and economic uncertainty caused by the ongoing Brexit negotiations, low investor confidence, volatile markets and record low investment industry net flow figures” over the period.

Assets under management crept up to £6.8bn from £6.4bn, but new inflows were markedly down on the the first three months of 2018, coming in at £3m compared to £175m.

Both of the last two quarters have seen surpressed flows at the firm. Total net inflows were £67m in the six months to 31 March 2019, compared to £411m in the six months to 31 March 2018.

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However, Premier says that over the last three years 72 per cent of its assets have performed above the median.

A quarterly dividend per share of 1.70p will be paid, compared with 1.65p for the same period last year

Chief executive Mike O’Shea says: “Notwithstanding net outflows for the industry as a whole, it is encouraging to note that support for our multi-asset funds remained positive, albeit at lower levels during this more difficult period. In common with much of the industry, we did however experience net outflows from our UK equity funds, a sector which has been out of favour with investors for some months now.

“Looking forward, we continue to believe the combination of our relevant product range, investment performance record, strong brand and distribution capabilities, means we are well placed to help our clients in these challenging conditions and when the investment environment and confidence improves.”

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