Premier Miton Group PLC on Friday said it suffered net outflows of assets under management in April, May and June, its financial third quarter, as investors ‘retrenched’ amid higher inflation, interest rate hikes, and market uncertainty.

The Guildford, Surrey-based firm said AuM was £10.48 billion on June 30, down 4.7% from £11.0 billion on March 31. This was primarily due to £449 million in net outflows during the quarter, while investment performance also was negative, at £66 million.

AuM was down 0.8% from £10.57 billion at the start of the current financial year on October 1, 2022.

Fixed income was one bright spot, Premier Miton said, with £175 million in inflows during the third quarter and over £500 million in the financial year to date.

‘We continue to focus heavily on building our profile with advisers and wealth managers through our marketing and distribution activity,’ Chief Executive Officer Mike O’Shea said.

‘We believe we have a suite of investment products that will be attractive to investors and their advisers once they return to having a more positive investment outlook.’

Shares were down 3.2% at 76.00 pence early Friday in London.

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