Premier Miton sees increased AuM in first quarter

AIM-listed investment manager Premier Miton reported a 3% increase in first-quarter assets under management (AuM) as it announced progress in its plans to beef up its presence in the offshore fund market.

The company reported AuM at 31 December of £10.1bn, up from £9.8bn three months earlier, with £0.2bn of net fund outflows for the quarter.

The quarter included the sale of the Premier Miton Worldwide Opportunities Fund and the previously announced transfer of the MIGO Opportunities Trust plc to asset value investors, which had a combined AuM of £0.1bn.

Premier Miton announced that it has taken on the investment management of a Dublin-based UCITS (Undertakings for Collective Investment in Transferable Securities) platform with around £100m of AuM.

"This will be the foundation of our offshore fund development plans enabling us to distribute our fund management capabilities across a broader client base," said chief executive Mike O'Shea.

Commenting on the quarterly results, O'Shea said: "I am pleased to note that the improvement in short term performance mentioned at the time of our full year results announcement has continued into the calendar year end. As a result, our investment performance remains relatively strong with 75% of funds in the first or second quartile of their respective sectors since launch or fund manager tenure."