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Premier outflows hit £246m before merger

Premier outflows hit £246m before merger

Premier Asset Management experienced net outflows in the two consecutive quarters leading up to its merger with Miton Group.

In a trading update, published today (October 10), Premier reported net outflows of £246m in the three months to the end of September compared to inflows of £120m the same period the year before.

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Premier's latest update showed the firm had experienced net outflows in the last two quarters after its assets under management had dropped by about £50m in the previous quarter.

Total net outflows for the year to September 30 were £233m, compared to £734m of inflows in the year to September 2018.

The firm also reported a drop in its assets under management of £184m, down to £6.5bn, in the three months to September.

By comparison, Miton reported an increase in assets under management of £400m for the six months of the end of June 2019.

Chief executive Mike O’Shea put the outflows down to a “background of economic and political uncertainty”, but stood by its active management of funds to achieve “good long-term investment outcomes” which positioned the firm well for “future growth”.

The combined company, set to be called Premier Miton, will reach assets under management of £11.2bn.

Today’s results showed the all-share merger was now approved by shareholders, with the combined firm expected to be live by November 14.

Mr O’Shea said: “We are pleased that the shareholders of Premier and Miton have approved the all-share merger between the two companies and we are excited about the opportunities for the new enlarged Premier Miton Group. 

“The merger will create a diversified active UK asset manager with a strong investment capability that benefits from a more efficient platform and greater financial strength, with reported pro-forma combined assets of £11.2bn.”

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