Premier Asset Management's AUM falls amid 'challenging' industry conditions

Premier Asset Management reported a drop in assets under management in its third quarter as it continued to face challenging conditions.

The AIM traded fund manager said assets under management at 30 June were £6.7bn, down from £6.8bn one year ago, as redemptions increased to £1.3bn over the nine month period ended 30 June, for a rise of 15% compared to the same period in 2018.

Meanwhile, the company registered net outflows of £55m in the three months to 30 June, compared to net inflows of £202m over the same period last year.

However, Premier still opted to raise its quarterly dividend per share by 3% to 1.70 pence per share.

Mike O'Shea, chief executive of Premier, said: "Notwithstanding the challenging industry headwinds, we continue to believe that our focus on relevant products, good investment outcomes after charges and a strong distribution capability means our business remains well positioned for the future when sentiment improves."

Premier Asset Management Group's shares were down 2.75% at 194.50p at 1040 BST.