Premier Asset Management recorded a decrease in its assets under management (AuM) before its combination with Miton Group, hit by outflows.
The company’s AuM totalled £6.6bn ($8.51bn) at the end of September 2019, as against £6.9bn a year ago.
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Its net outflows were £233m in the year to September 2019, versus net inflows of £734m last year.
AuM grew to £11.1bn after Premier’s merger with Miton, which was completed last month.
Moreover, Premier’s pre-tax profit stood at £13.7m for the year ended 30 September 2019. This is a fall of 14% from the previous year’s figure of £15.9m.
The company’s basic earnings per share dipped to 10.82p from 12.09p over the period.
Premier Miton CEO Mike O’Shea said: “This has been a more difficult year for the business and indeed for the UK funds industry generally, with investment decisions largely on hold while investors wait for clarity over Brexit.
“As confidence returns to the UK market, we believe that our focus on delivering good client outcomes and our relevant product range mean we are well placed for future growth.
“With interest rates likely to remain at historically low levels for many years to come, UK based investors still need to find suitable, well-diversified ways to protect their capital against the impact of inflation and to enhance their income. Our actively managed strategies will continue to provide useful solutions to these problems.”
