In the fourth quarter of 2023, Premier Miton Group experienced a decrease in assets under management (AUM) from GBP 10.5 billion to GBP 9.8 billion. This decline was primarily due to investors shying away from UK and European equity funds, leading to quarterly net outflows of GBP 666 million and annual net outflows of GBP 1.1 billion.
Despite this downturn, the company reported that over 70% of its funds have outperformed the median since inception, with 62% outperforming over the past three years. This performance comes amidst a slowdown in sales and an acceleration of redemptions after a level first half.
CEO Mike O'Shea highlighted that the company has made good progress in restructuring efforts aimed at aligning costs with revenues. He anticipates partial benefits from these adjustments to be visible in fiscal 2023, with full impact expected by fiscal 2024.
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