Premier Asset Management Group PLC Trading Statement (2259N)
24 October 2016 - 5:00PM
UK Regulatory
TIDMPAM
RNS Number : 2259N
Premier Asset Management Group PLC
24 October 2016
24 October 2016
Premier Asset Management Group PLC
("Premier" or the "Company")
Trading update
Premier Asset Management Group PLC (AIM: PAM) today announces a
trading update for the Company's fourth quarter ended 30 September
2016.
Highlights
-- Total AUM increased to GBP5 billion as at 30 September 2016
-- Total net inflows over the year ended 30 September 2016 of GBP778m
-- Net inflows over the quarter ended 30 September 2016 of GBP95m
-- Over a three and five-year period to 30 September 2016, 96%
and 94% respectively of Premier's retail fund AUM were above
median, with 71% and 73% of Premier's retail fund AUM achieving
first quartile performance in their respective IA sector over the
same time periods (excluding absolute return and volatility
targeted funds).
The Company expects to announce its final audited results for
the year ended 30 September 2016 in early December 2016.
Mike O'Shea, Chief Executive Officer, commented:
"Premier has enjoyed another year of AUM growth supported by
strong net sales and a good long-term record of producing
attractive investment outcomes for our clients. Our focus has
continued to be on our multi-asset, income and absolute return
funds, which address strong demand from retail investors.
Despite the market volatility following the EU referendum
decision, we have continued to increase AUM over the fourth quarter
and recorded positive net sales in each of the three months,
supported by demand for the Company's multi-asset funds, and with
an improving net sales trend being experienced from July to
September.
We are confident that our strategy of offering relevant
investment products, which are designed to meet the different
long-term needs of UK investors, backed by good investment results,
a strong distribution capability and scalable operating platform
positions us well to deliver for our fund investors and for our
shareholders."
Quarterly AUM reconciliation
Q116 Q216 Q316 Q416
--------------- -------- -------- -------- --------
(GBPm) 31-Dec 31-Mar 30-Jun 30-Sep
--------------- -------- -------- -------- --------
Opening AUM 4,081.2 4,410.2 4,543.5 4,593.9
--------------- -------- -------- -------- --------
- Sales 457.7 462.4 565.7 458.2
--------------- -------- -------- -------- --------
- Redemptions (223.0) (274.9) (304.9) (363.0)
--------------- -------- -------- -------- --------
- Net sales 234.7 187.5 260.8 95.2
--------------- -------- -------- -------- --------
- Closures (44.3) - (129.9) -
--------------- -------- -------- -------- --------
- Performance 138.6 (54.2) (80.5) 309.4
--------------- -------- -------- -------- --------
Closing AUM 4,410.2 4,543.5 4,593.9 4,998.5
--------------- -------- -------- -------- --------
Dividend policy
As detailed in the Company's admission document, dated 4 October
2016, the Directors intend to adopt a progressive dividend policy
to reflect the expectation of future cash flow generation and the
long-term earnings potential of Premier.
The Company intends to pay quarterly interim dividends, with the
first dividend to be paid in relation to the three months ending 31
December 2016. The level of this dividend will be announced in
early January alongside the Company's first quarter trading update.
As part of its policy, the Company expects to pay three smaller
dividends, representing approximately half the estimated total
dividend for the full financial year, followed by a larger, final
dividend.
Enquiries:
Premier Asset Management Group PLC Tel: 01483 306090
Mike O'Shea
------------------------------------------ -------------------
Stifel Nicolaus Europe Limited (Nomad and Tel: 0207 710 7600
Joint Broker) Gareth Hunt
Stewart Wallace
------------------------------------------ -------------------
Numis Securities Limited Tel: 020 7260 1000
(Joint broker) Andrew Holloway
Charles Farquhar
------------------------------------------ -------------------
Smithfield Consultants Tel: 020 7360 4900
(Financial PR) John Kiely
Andrew Wilde
------------------------------------------ -------------------
Note to editors
About Premier
Premier is a fast-growing UK retail asset management group with
a focus on delivering good investment outcomes for investors
through relevant products and active management across its range of
investment strategies, which include multi-asset, equity and
absolute return funds. Premier had GBP5 billion of assets under
management as at 30 September 2016.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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