Premier Miton’s exposure to UK equity-focused strategies is beginning to pay-off with the strong momentum in net flows and performance of 1H21 following through into April 2021. 1H21 Adj. PBT of £11.9m is ahead of our forecasts (LibE: £11.8m) driven by better fee margins than our forecasts, helped by the swift integration of Miton. A return to net positive flows is evidence that Premier Miton is now a well-diversified asset manager operating on a stable and sustainable platform. Moreover, recent manager changes to multi-asset funds and lower costs for investors should help turnaround recent fund outflows. The strong start to 3Q21 with AUM increasing by £0.5bn to £13.1bn in April leads us to raise our FY2021E EPS by 4% which results in our TP increasing to 197p (from 188p) offering 20% TSR.
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