For the three months up to 31 December 2019, Premier Miton witnessed £222m ($291m) in outflows.

Premier Asset Management Group and Miton Group merged to create Premier Miton on 14 November 2019. On that date, they has a combined assets under management (AuM) of £11.2bn. As of 31 December 2019, it stood at £11.6bn.

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At the same point in 2018, the firm held £6.4bn in AuM and was receiving £65m in net inflows.

Chief executive Mike O’Shea commented: “We are delighted that the merger between Premier Asset Management Group plc and Miton Group plc was completed mid-way through the Period under review. Although it is still early days, progress has been swift in terms of creating the management structure for the new group and the planned synergies are now underway. We will update shareholders following the end of the half year period on progress.

“With UK political uncertainty beginning to lift, we believe that investor confidence will improve in 2020. Against an expected more favourable background, we believe the combination of our broader product range, strong investment performance across different investment strategies, including our equity and multi-asset funds, and our enlarged distribution and marketing capabilities, means we are well placed for future growth.”

The Premier- Miton merger was announced in September 2019. Subsequently, the all-stock transaction secured shareholders’ and regulatory approvals.

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Under the agreed terms, Premier shareholders will own around 66% of the combined bank, while the remaining stake will be with Miton shareholders.

In elaborating the deal’s rationale, Premier said that the two companies have limited overlap as well as complementary investment offerings.

The amalgamation will offer a “more diversified revenue mix, access to economies of scale”, the firm noted.

Premier chairman Mike Vogel and CEO Mike O’Shea lead the merged group in the same roles.

Premier anticipated annualised synergies within three years of the deal’s conclusion.