11 April 2019 – AUM update
As at 31 March 2019 assets under management were £13.8bn compared to £12.0bn at the end of March 2018, an increase of 15% over the year. During the last twelve months there have been material fluctuations in assets under management. Before the market sell-off in October they reached an all time high of £14.7bn as at the end of September. However, following the market correction in the latter part of 2019 assets under management fell to £12.7bn as at 31 December 2018. During the financial year, net inflows amounted to £556m as a result of positive net inflows in the first half of £932m followed by net outflows of £286m in the third quarter and a significantly reduced rate of net outflows of £90m in the final quarter to 31 March 2019. Net flows in April were positive up to 11 April. Despite the market volatility over the second half, funds have performed well, resulting in a record year for net performance fee profits of £23.6m which crystallised on 31 December 2018. Results for the year to 31 March 2019 are due to be released on 24 June. We keep our BUY rating.