Premier Asset Management : Trading Statement

10 October 2019

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 2019.

Highlights

· Assets under management (AUM) were £6.6 billion as at 30 September 2019 (30 September 2018: £6.9 billion)

· Outflows for the quarter of £246 million (3 months to 30 September 2018: inflows £120 million)

· Total net outflows of £233 million for the twelve months to 30 September 2019 (twelve months to 30 September 2018: inflows £734 million)

· The Company expects to announce its final audited results for the year ended 30 September 2019 on 28 November 2019

· Recommended all-share merger with Miton Group plc ('Miton') approved by shareholders: expected effective date 14 November 2019

Mike O'Shea, Chief Executive Officer, commented:

'Against a background of economic and political uncertainty, net outflows were £233 million for the year and assets under management at the year-end were £6.6 billion.

Reflecting these current uncertainties, we experienced net outflows in the last two quarters of the year having had twenty-four successive quarters of positive net inflows. For this reason, we continue to believe that our focus on providing relevant investment products to clients, backed by active investment management and good long term investment outcomes, positions us well for future growth.

We are pleased that the shareholders of Premier and Miton have approved the all-share merger between the two companies and we are excited about the opportunities for the new enlarged Premier Miton Group. The merger will create a diversified active UK asset manager with a strong investment capability that benefits from a more efficient platform and greater financial strength, with reported pro-forma combined AUM of £11.2* billion. The merger remains subject to regulatory approval and the effective date of the merger is expected to be 14 November 2019.'

Quarterly AUM reconciliation

	Q1 FY19	Q2 FY19	Q3 FY19	Q4 FY19
	Ended 31-Dec 2018	Ended 31-Mar 2019	Ended 30-Jun 2019	Ended 30-Sep 2019
	£m	£m	£m	£m
Opening AUM	6,865.5	6,443.9	6,793.2	6,740.3
- Sales	466.3	399.7	416.4	309.1
- Redemptions	(401.5)	(397.1)	(471.2)	(554.7)
- Net sales	64.8	2.6	(54.8)	(245.6)
- Closures	-	-	(72.9)	-
- Performance	(486.4)	346.7	74.8	61.5
Closing AUM	6,443.9	6,793.2	6,740.3	6,556.2

Dividend policy

The Company has adopted a quarterly dividend policy, expecting to pay three smaller, interim dividends, representing approximately half of the estimated total dividend for the full financial year, followed by a larger, final interim dividend. The Company's first three interim dividends of 1.7p per share were paid in March 2019, June 2019 and September 2019.

The Company's final quarterly dividend amount for the three months ended 30 September 2019 is expected to be announced on 28 November 2019.

Enquiries:

Premier Asset Management Group PLC	Tel: [phone] Mike O'Shea
Numis Securities Limited (NOMAD and Broker)	Tel: [phone] Kevin Cruickshank Charles Farquhar
Liberum Capital Limited (Joint Broker)	Tel: [phone] Richard Crawley Jamie Richards
Smithfield Consultants (Financial PR)	Tel: [phone] John Kiely Andrew Wilde

Note to editors

*Source: Premier Asset Management as at 30 September 2019 and Miton Group as at 31 August 2019.

About Premier

Premier is a 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 £6.6 billion of assets under management as at 30 September 2019.