LONDON (ShareCast) - (Sharecast News) - Premier Miton Group issued an unaudited update on its assets under management (AuM) for the fourth quarter on Friday, reporting a closing AuM of £9.8bn at the end of September, down from £10.5bn on 30 June.
The AIM-traded firm recorded £0.7bn of net outflows during the quarter, cumulating to £1.1bn for the year ended 30 September.

On a brighter note, its investment performance saw 73% of funds ranking in their respective sectors' first or second quartile since launch or fund manager tenure.

"We have a strong product set and have several new initiatives under consideration to help build momentum behind our organic growth strategy, as well as plans to further streamline our business where appropriate," said chief executive officer Mike O'Shea.

"Our well-regarded distribution and marketing teams remain committed to high levels of activity and are targeting those strategies that are currently in demand from investors, such as fixed income, money market and multi-asset.

"We are also laying the groundwork for when there is a renewed risk appetite in equities."

O'Shea said the company maintained high levels of visibility in the market by participating in numerous fund manager roadshows and events servicing existing clients and showcasing its breadth and depth of investment talent to prospective clients while increasing advertising and press activity.

"We also continue to assess a range of inorganic opportunities to add to our product capabilities and client reach.

"Naturally these are only pursued where there is a clear benefit to our business, and we are currently in the late stages of progressing one bolt on acquisition with a focus on the UK alternatives space."

At 1534 BST, shares in Premier Miton Group were down 1.8% at 54.5p.

Reporting by Josh White for Sharecast.com.

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