- Fund manager Premier Miton has reported net outflows of £619 million, mainly from its multi-manager funds during the year, while positive inflows into other strategies saw the group end the year with total assets under management of £10.6 billion, up 16% since the half year.

Adjusted pre-tax profit of £224 million for the year ended 30 September 2020 was up by 18% against the comparative year.

The group posted pre-tax profit of £9.6 million, compared to £13.7 million in 2019.

Premier Miton has proposed a final dividend of 4.5p per share, bringing total dividends for the year to 7p, down from 10.5p in 2019.

Chief executive Mike O'Shea said: 'Although we had net outflows during the year, we are encouraged by our continued positive fund flow momentum into our equity and fixed income funds, the strong performance across our broad range of multi-asset funds, and the potential of our new investment capabilities.'

He said there had been 'strong demand' for its non-UK focused funds during the year, with the LF Miton European Opportunities Fund seeing net inflows of £712 million and the LF Miton US Opportunities Fund net inflows of £78 million since the completion of the merger between Premier Asset Management and Miton Group in November 2019.

O'Shea added that by the year end the new fixed income team had achieved net inflows of £136 million following their arrival in August 2020.

The group ended the year with £36 million in cash, compared to £20.7 million in 2019.

At 9:33am: [LON:PMI] Premier Miton Group PLC share price was 0p at 132.5p

Story provided by