Premier Miton takes 60% profit hit as net outflows climb to £1.1bn

Demand for equity funds fell 37%

Premier Miton’s profits have slumped by over 60% in the last year, as the firm suffered a drop in assets under management driven by outflows from equity funds.

The firm ended the year to 30 September with profits before tax down 60.4%, falling from £14.9m during the same period last year to £5.9m. Assets under management fell by 7.5% to £9.8bn, as the firm suffered net outflows of £1.1bn for the year. The average AUM for the year fell by 14% to £10.8bn, down from £12.6bn last year.  Demand for equity funds fell 37% over the year, although the redemptions from these funds were only down 9% year-on-year. Meanwhile, net sales into fixed income and ‘diversified' multi-asset funds were up 88% and 19% year-on-year, respectively. Premier Miton s...