Premier Miton Group PLC (AIM:PMI) shares jumped despite the company reporting that a "more challenging period" in the first half of its financial year led to £401mln of net outflows from its funds.
Assets under management (AUM) fell to £12.8bn by the end of March from £14bn in October, with the fall in markets to the end of April contributing to a further £0.3bn reduction in AUM to £12.5bn.
However, net revenue increased 13.5% in the half-year to £43.7mln with adjusted profit before tax up 26.7% to £14.6mln due to higher average AUM and a better net management fee margin of 65.1bp.
Chief executive Mike O'Shea said: "This is a good set of results given the volatile market environment."
He noted that almost 90% of its funds were outperforming over three years and 80% since tenure.
"At times of market stress there are substantial opportunities for genuinely active managers who have the courage of their convictions to run differentiated, long-term, and focused portfolios by taking an agile and positive role in the capital allocation process."
He added that the outlook for investment markets "remains uncertain and, in my view, this is likely to remain the position for some months yet".
The shares rose 10.5% to 124.88p on Friday morning, having sunk to a 16-month low in the run up to the results.