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.
“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.”