Premier Miton net outflows greater than expected but group's performance 'credible'

According to its unaudited AUM statement for the second quarter of the current financial year, the £221m total net outflows and overall 5% decrease in AUM were mainly down to European Opportunities fund, which haemorrhaged £175m alone. The £1.09bn fund is run by Carlos Moreno and Thomas Brown and over the past 12 months, it has made just 0.5% while the FTSE World Europe ex UK index made 10.5% and the sector returned 8.6% on average, according to the group's website. Over three years it continued to underperform, making 11.2% versus 34.6% and 28.2% from the index and sector, respective...