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Premier flows jump amid caution on ‘wait-and-see’ Brexit

Premier Asset Management has seen a 13 per cent increase in funds under management over the past year, but has warned that flows have slowed down as investors take a “wait-and-see” approach to Brexit.

Assets stood at £6.9bn at the end of September, according to results released this morning, up from £6.1bn a year previously, on the back of an expansion in the firm’s multi-asset offering.

While net flows were positive at £734m, they were down slightly compared to the previous year however, where they came in at £747m.

Chief executive Mike O’Shea says that flows have dipped after the end of the reporting year amid ongoing discussion around the government’s final Brexit deal.

He says: “Trading during the early part of the current financial year has been more challenging as the UK government seeks to finalise an acceptable withdrawal agreement with the EU. Anecdotal evidence suggests that retail investors are taking a wait-and-see approach and, as a result, fund flows have been slower in the first few weeks of the current year than they have been in recent months.

“The need for individuals to save and invest for their future remains critically important even if the economic and political environment is uncertain.”


SJP chairman takes non-exec role at building society

St James’s Place chairman Iain Cornish has taken up a role as a non-executive director at Leeds Building Society. A stock exchange notice shows that Cornish was appointed to the position on Friday. Last month, SJP announced that current chair Sarah Bates would be stepping down with Cornish, who chaired the firm’s risk committee, taking […]


KPMG hit with formal complaint over alleged pension fund misconduct

The Financial Reporting Council’s executive counsel has delivered a disciplinary formal complaint against KPMG and one of its partners, David Costley-Wood after it believes its professional judgement was “compromised”. The alleged misconduct saw 1,300 employees of mattress maker Silentnight without their promised pensions. The formal complaint also alleges that KPMG and Costley-Wood either knowingly or […]


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