Key points:
- Premier Miton reported an AUM update for Q4
- AUM fell £3.3 billion
- PMI shares are down over 5% Friday
Premier Miton (LON: PMI) announced a fourth-quarter Assets Under Management (AUM) update on Friday, showing a £3.3 billion decline.
Shares of Premier Miton are currently down 5.61% on Friday.
The investment firm reported its AUM closed at £10.6 billion in the 12 months to September 30, down from £13.9 billion a year prior.
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During the three months to the end of September, the firm experienced £340 million in net outflows. As a result, this brought its total net outflows for the year to £1.1 billion.
Equity funds closing Assets Under Management decreased from £8.2 billion to £5.6 billion. Elsewhere, multi-asset fund assets decreased from £3.9 billion to £3.2 billion.
“The recent fiscal event in the UK combined with the ongoing geopolitical environment have created a challenging and uncertain period for markets both in the UK and globally,” said Mike O'SheaO'Shea, Chief Executive Officer of Premier Miton.
O'Shea added, “investors understandably have remained cautious about committing new investments during this period and we have also seen outflows across the industry from open-ended funds.”
On December 2, 2022, Premier Miton will release its results for the financial year.
Premier Miton shares have tumbled 52% this year as macroeconomic factors such as inflation and rising interest rates continue to impact the overall market.
