Shares in Premier Miton Group PLC (AIM:PMI) dropped 10.3% to 52.36p after the asset manager reported a 7% decline in assets under management for the first quarter of its financial year.
AuM fell to £9.6 billion as at 31 December 2025, down from £10.3 billion at the end of September.
The group recorded net outflows of around £870 million during the quarter, driven by continued redemptions from US and European equity strategies and outflows from UK multi-cap strategies. Of the total outflows, £119 million was related to corporate actions and capital returned from two investment trusts.
This was larger than the entire previous year's total net outflows of £618 million and £318 million the year before.
Chief executive Mike O'Shea said: "The group's AuM ended the quarter at £9.6 billion, a decrease of 7% on the opening position for the period."
He added: "As noted in our recent full‑year trading update, the outflows from our US and European equity strategies continued into the current period, reflecting investor risk aversion and the rotation away from growth‑oriented equities seen over recent quarters."
There was continued strength in fixed income strategies, which saw net inflows of £163 million.
The company also said it is in advanced discussions to onboard an absolute return institutional mandate, expected to fund with around $80 million before the end of the next quarter.