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Premier AM just about manages to keep inflows above water

The fund firm registered its 24th consecutive quarter of positive inflows, scraping to a £2 million inflow in the tough conditions in the first three months of the year.

Premier AM just about manages to keep inflows above water

Premier Asset Management battled to its 24th consecutive positive inflow, although sales fell off dramatically in the tough market conditions.

The firm's net sales in the six months to the end of March were down 85% to £67 million year on year.

The firm scraped to a £2 million inflow in the three months to 31 March following a £65 inflow in the previous quarter. Concerns over the US/China trade war and Brexit were among the factors to cause investors to fret.  

Total net inflows for the rolling twelve months to 31 March stood at £390 million, down 54% on the corresponding period of the previous year.

The firm's assets under management rose by £400 million to £6.8 billion over the six months. They have since hit the £7 billion mark. 

Meanwhile profit before tax fell from £7.9 million to £7.2 million, while adjusted profit before tax – excluding costs such as amortisation of intangible assets and exceptional items – rose from £9 million to £9.3 million. 

The company’s chief executive, Mike O'Shea (pictured), said that given a ‘challenging backdrop’ the firm was ‘pleased to have recorded two quarters of positive net sales’.

He added: ‘During the period we strengthened our product range by launching three new multi-asset funds, designed to attract a broader range of investors.

‘We continue to believe that our focus on relevant investment solutions for UK retail investors, including our range of fifteen multi-asset funds, means that as investor confidence returns, we are well positioned for the future.’

In March, the firm added three new multi-asset funds to its Diversified fund range.

Earlier this week, Premier created the role of head of responsible investing for Helen Winch, who joined from her role as a senior responsible investment adviser at HSBC Global Asset Management.

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