Premier reveals 'disappointing' outflows prior to Miton merger

£233m in outflows over 12 months

Premier Asset Management saw £233m in outflows in the 12 months to 30 September 2019, with assets under management falling to £6.6bn ahead of the firm's merger with Miton Group, which completed on 14 November.

This compares to net inflows of £734m in the 12 months to 30 September 2018 and AUM of £6.9bn at the end of that period. Operating profit fell from £13.7m in the 2018 financial year to £15.9m in 2019. Chief executive officer of Premier Miton, Mike O'Shea attributed the outflows to "a difficult year for the business" and Brexit-related uncertainty, with positive inflows in the first half of the year cancelled out by net outflows in the second half of the year. The merger of Premier with Miton has boosted the total AUM of the combined group to £11.1bn, as at 31 October. Premier Miton...