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Premier AM's profits increase by 90%

Premier AM's profits increase by 90%

Premier Asset Management grew profits by 90 per cent in the six months to the end of March, on the back of a steep increase in assets under management (AUM).

The Guildford-based asset management firm reported a profit before tax of £7.91m, compared with £4.16m for the same six month period last year.

Assets under management were £6.4bn at the end of March 2018, compared with £5.5bn in the same period last year.

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As at 18 May 2018, total assets had grown to £6.8bn.

Mike O'Shea, chief executive of Premier Asset Management, said: "Premier has continued to make solid progress with positive net inflows and good long term investment performance after all fund charges, despite declines in stock markets over the last three months of the period.

"The quality of our performance and investment teams has been recognised by more awards over the period.

"Our focus continues to be on our existing investment products, including our 12 multi-asset funds, our equity funds and absolute return funds, but we have also continued to develop our product range and announced changes to our client service model for advisers during the period.”

The dividend for the period has increased to 1.65p, from the previous 1.25p.