Investor Presentation
COST BASE
Administration expenses (excl. share-based payments)
(£m)
Personnel - Fixed
Personnel Variable
Overheads &
other costs
Depreciation
+25%
26.6
0.7
21.3
9.0
0.6
8.4
3.9
8.3
7.8
1
9.1
HY2020
HY2021
Premier Miton
INVESTORS
Current half year costs represent a normalised position for
the enlarged Group
Increase in administration expenses reflects:
.
Additional 1.5 months of costs associated with the former
Miton business offset in part by synergies realised
post-merger
Increase in external fund administration costs reflected
within overheads arising from the completion of the
alignment of the Group's operating model. This is offset by
an increase in the net revenue margins for those funds
Variable personnel costs increased due to:
Increase in net revenues
.
The comparative period excluded variable
remuneration related to restructuring
Remuneration cycles across the Group were aligned in
the comparative period
Investment in new products and teams (namely the fixed
income and global smaller companies teams)
FTE staff
148
151
(closing including NEDS)
Investor presentation
9View entire presentation