Fund manager Premier Miton Group plc on Thursday appointed a new chair designate as it reported a slight drop in profits over the year to 30 September amid significant outflows from US and European equity strategies.
Investment banking veteran Christopher Williams, who has held senior investment banking advisory positions at Goldman Sachs, Citi, Credit Suisse, Perella Weinberg Partners and Deutsche Bank, has been appointed to the board as a non-executive director.
He will replace current chair Robert Colthorpe, who has been at the board's helm for the past five years, when he steps down at the firm's AGM in February 2026.
"We are pleased to welcome Chris to the board. He has a wealth of experience in the financial sector as well as extensive corporate finance expertise, which will prove particularly valuable as we pursue further growth opportunities,' said chief executive Mike O'Shea.
The appointment came alongside Premier Miton's full-year results, which showed an adjusted pre-tax profit of £11.5m, down from £12.2m the year before.
Assets under management slipped 3% over the 12 months to £10.3bn, which has fallen further to £9.7bn over the new financial year, as of 30 November.
"During the year, Fixed Income and Absolute Return funds saw continued inflows, with a strong new business pipeline emerging. However, US and European equity strategies faced combined outflows of £689m," said O'Shea.
"These outflows have continued into the new financial year negating much of the strong positive flows in other areas of the business. Whilst this presents a near-term challenge to the business, we remain confident in the long-term prospects of these funds."
O'Shea said the company continues to explore "strategic transaction opportunities" to enhance shareholder value, such as inorganic growth opportunities to expand scale, introduce new investment capabilities and provide access to new customers.
"We recognise that astute execution of M&A activity will remain critical in an industry that will continue to present opportunities for inorganic growth. Our disciplined approach and proven track record position us well to identify and pursue these opportunities."
Premier Miton shares were down 6% at 54.5p by 1021 GMT.