Following an indiscriminately challenging final quarter of 2018 across asset and wealth management, trading updates largely reflect the continued uncertainty from geopolitical tensions and low levels of investor sentiment. Here, Investment Week offers a snapshot of the listed groups' state of play.
Premier Asset Management has reported a significant decline in net inflows over the six months to 31 March compared to the same period last year.
Total net inflows amounted to just £67m, compared to £411m for the six months to 31 March 2018. Net sales for the year to the end of March were also less than half of the previous year, at £390m compared to £847m.
However, the lower flows still mark the 24th consecutive quarter of positive net flows, while assets under management have also increased to £6.8bn from £6.4bn at the end of March 2018. As at close of business on 30 April 2019, AUM has risen further to £7bn.
Adjusted profit before tax has also risen to £9.26m from £9.03m in H1 2018, although earnings per share are lower at 5.30p compared to 5.91p last year.
CEO Mike O'Shea said: "Our business environment continues to be dominated by political uncertainty and low investor confidence, resulting in record low levels of UK investment industry net retail sales. Against this challenging backdrop, we are pleased to have recorded two quarters of positive net sales.
"Over the period, the quality of our investment teams, products and performance continued to win awards, including Professional Adviser Awards for multi-asset group of the year, best rising income multi-asset fund and best positive return multi-asset fund, and Specialist Management Group of the Year (under £10bn AUM) at the Investment Week Specialist Investment Awards 2018.
"During the period we strengthened our product range by launching three new multi-asset funds, designed to attract a broader range of investors. We continue to believe that our focus on relevant investment solutions for UK retail investors, including our range of 15 multi-asset funds, means that as investor confidence returns, we are well positioned for the future."
Janus Henderson Group has suffered $7.4bn in net outflows in Q1 but assets under management grew due to positive market movements.
The group's equity products suffered net outflows of $1.1bn, $1.2bn left quant strategies and alternatives shed $2.1bn; fixed income also had smaller outflows of $600m.
The only area seeing net inflows was the multi-asset business. The first quarter's redemptions are a continuation of the net outflows seen in Q4, which amounted to $8.4bn.
However, strong market movements have helped AUM to rise by $28.8bn over the three months to stand at $357.3bn by 31 March, though this figure is still below the $371.9bn level seen at the end of March 2018.
The firm has also seen a 23% drop in adjusted net income in Q1 2019 to $110m compared to the first quarter of 2018.
At the same time, it reported a drop in adjusted revenues to $417.4m for the quarter from $442.7m in Q4 2018 as a result of a slight decline in the management fee margin, given outflows from higher fee equity products and lower performance fees from segregated mandates.
CEO Dick Weil said: "Overall investment performance for the quarter was strong, but we continue to face pockets of underperformance which are driving substantial net outflows.
"That said, we are seeing encouraging results in several areas of our business, including momentum in the US retail channel, primarily with our US equity strategies, ongoing growth in our multi-asset capability, and an improving environment in Continental Europe.
"We continue to be financially disciplined, remaining focused on investing in sustainable growth and upholding our commitment to return cash flow to shareholders, with over $100m returned through dividends and our share buyback programme in the first quarter."
In a brief Q1 update, Schroders reported assets under management at the firm increased by £17.2bn for the three months to 31 March 2019.
Overall, AUM grew from £407.2bn at the start of the year to £424.4bn.
Growth in the asset management business was the main driver with AUM ending the period at £377.9bn, up from £363.5bn.
Wealth management AUM rose from £43.7bn to £46.5bn.
Meanwhile, intermediary assets grew from £121.2n to £125.6bn, while institutional assets climbed from £242.3bn to £252.3bn.
Latest news and analysis
Future World funds