2021 Results
INCREASED HEADCOUNT TO DRIVE GROWTH
Administration expenses (excl. share-based payments)
(£m)
+26%
55.8
44.4
16.7
15.5
Fixed staff costs
Variable staff costs
Overheads & other
Depreciation
10.9
18.6
Premier Miton
INVESTORS
Administration expenses increased by 26% to £55.8m
The rise reflects the increase in costs associated with an
additional 1.5 months of former Miton staff as well as the
annualised impact of new joiners at the end of 2020.
The headcount for the year has increased from 149 to 160
due primarily to further hires in the investment teams.
Variable staff costs represent general discretionary bonuses,
sales bonuses and bonuses in respect of the fund management
teams, plus associated employers' national insurance
Overheads and other costs of £16.7m are comprised of:
19.1
16.7
Other IT costs
Occupancy 12%
3%
2%
2020
2021
Compliance, legal, insurances 16%
Adjusted PBTA margin
33.5%
33.8%
FTE staff (average)
150
153
16%
Sales & marketing
FTE staff (closing)
149
160
51% Administration
(fund accounting,
Bloomberg)
2021 Results
22
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