A tale of two fund managers
Updates covered here include interim results from two of AIM’s fund managers, whose different offerings result in very different valuations. Elsewhere, there was a very positive trading update from an energy supplier, bringing a big upgrade from its broker, while a small-cap publisher continues to impress.
Premier Miton: dividend reduced, but still a big yield Fund manager Premier Miton Group (AIM:PMI), announced results for the six months ending 31 March 2023. Assets under Management ('AuM') at the period end were £11.0 billion, an increase of 4% on the beginning of the year, however, average AuM over the period of £11.2 billion was 17% lower than in the previous period. The fall in average AuM led to a 20% fall in net management fees to £35.0m, with the net management fee margin 4% lower at 62.5bps. As one might have expected for a business like this carrying…