Premier Miton: Asset manager faces tariff strain
AIM-listed fund manager Premier Miton recorded a drop in its assets for the first half of the financial year, citing “investor caution, particularly toward UK and European equity strategies”.
The firm’s assets under management dropped to £10.2bn, compared to £10.7bn in September 2024.
Net outflows jumped to £254m, a sharp increase from £46m for the same period last year. Pre-tax profit tumbled £300m to £5.4m.
The company stated that it had faced “ongoing challenges in investment markets” as well as the “UK savings industry.”
The European business was among the worst-performing, accounting for £175m of outflows during the second quarter.
Despite this, the firm said it maintained its “conviction” in European operations and its longer term strategy on the growth prospects of companies within the region.
Robert Colthorpe, Premier Miton’s chair, said: “Since the end of the period, market volatility has increased, driven by fears for the global economy following the introduction of US tariffs and what seems increasingly to be the early stages of a major geopolitical and economic reset with deep consequences yet to be clearly understood.”
Tariff turmoil hits asset managers
Asset managers have been particularly stung by the fallout of President Donald Trump’s ‘Liberation Day’ levies.
Firms reported woeful quarterly updates last month after the President’s trade offensive sent global markets into turbulence.
Premier Miton had recorded a loss of £250m, Liontrust £702m and a staggering £2.3bn for Polar Capital.
In its half-year update, Premier Miton said it had identified £3m of annual cost efficiencies which it expected to implement by September 2025.
Mike O’Shea, Premier Miton’s chief executive, said: “Looking ahead, while market conditions remain challenging, we are encouraged by the strength of our new business pipeline across fixed income, absolute return, and several equity strategies.
“We believe that Premier Miton is well positioned to convert these opportunities into flows as conditions stabilise, and we are focused on delivering long-term value for our clients and shareholders.”