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Premier reports outflows amid ‘challenging conditions’

Premier Asset Management has seen its assets under management slip to £6.7bn at the end of the second quarter amid a period of outflows.

AUM stood at £6.8bn for the same quarter a year previously, with outflows of £55m reported for the last three months.

Premier chief executive Mike O’Shea points to struggles across asset management amid dips in sales at the start of 2019.

He says: “The period has seen a continuation of challenging conditions for the investment industry, including record low industry retail net flows, and this has resulted in net outflows for Premier of £55m during the quarter. Our AUM ended the period at £6.7 billion.

Premier Asset Management valued at £140m in Aim listing

“Notwithstanding the challenging industry headwinds, we continue to believe that our focus on relevant products, good investment outcomes after charges and a strong distribution capability means our business remains well positioned for the future when sentiment improves.”

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