Assets under management held steady for investment manager Premier Miton at £10.7bn in the fourth quarter of 2024, despite £33m in net outflows.

The £33m outflows for the quarter were an improvement on recent quarters.

Net outflows for the year ended 30 September 2024 were £318m.

The net outflows for the fourth quarter were primarily driven by its UK equity (£97m net outflows), international equity (£24m net outflows), and multi-asset multi manager (£56m net outflows) divisions.

They were partially offset by £114m of net inflows into Premier Miton’s absolute return products.

Mark O’Shea, CEO of Premier Miton, said the firm was pleased with the results with flows beginning to turn positive in November and December.

He said: “With our diversified product mix and an absolute focus on delivering strong investment performance we are well placed to benefit from an improving flow environment. We have several strategies with strong investment performance that sit in key demand pools here in the UK and we are positive on the outflow for fund flows in these areas.”

Premier Miton was formed in November 2019 with the merger of Premier Asset Management and Miton Group. It has a range of multi-asset funds, equity funds and investment companies.

At the time of the merger, assets under management were £11.6bn. The asset manager has reported net outflows for the majority of quarters since, with assets under management still £1bn below where they were at the time of the merger.

The asset manager was considering a further merger when it bid for rival River & Mercantile, before withdrawing from discussions in January 2022.

Premier Milton said it had concluded that there were insufficient commercial merits to make a formal acquisition proposal.