Premier Asset Management saw its assets under management grow by £400m in the year to the end of March 2019, but outflows from UK equity funds hurt the business, according to the company’s chief executive.
Total net inflows were £390m during the 12-month period, though only £3m of those net inflows came in the first three months of 2019.
Premier's total assets under management were £6.8bn at the end of March.
Mike O'Shea, the company's chief executive, said: "Despite continued political and economic uncertainty caused by the ongoing Brexit negotiations, low investor confidence, volatile markets and record low investment industry net flow figures, Premier managed to produce positive net inflows and has continued to produce good long-term investment performance after fund charges.
"Notwithstanding net outflows for the industry as a whole, it is encouraging to note that support for our multi asset funds remained positive, albeit at lower levels, during this more difficult period, with net inflows of £125m over the six months.
"In common with much of the industry, we did however experience net outflows from our UK equity funds, a sector which has been out of favour with investors for some months now."
Data from the Investment Association showed investors had pulled £11.5bn from UK assets since Britain voted to leave the EU in 2016. In the month of February, £236m was withdrawn from UK funds.
david.thorpe@ft.com
