Miton Group has reported assets under management of £2.05bn at the end of 2014, more than £1bn less than the £3.1bn recorded at the end of the previous year.
In its trading update for the financial year ending December 31 2014 the fund management group noted part of the reduction in assets, approximately £438m, related to the sale of its Liverpool business to Seneca Investment Managers.
But the group also acknowledged: “The adverse performance in our multi-asset funds led to a sharp increase in redemptions towards the end of H1.”
It added that since then improvements in performance in the funds managed by David Jane have “gradually reversed the trend in redemptions and will bring renewed inflows in time”, but at the end of the year the group’s multi-asset funds had assets under management of £603m compared to £1.37bn at the end of 2013.
The figures showed Miton Group recorded gross outflows in the period of £1.4bn, which included the loss of a £330m segregated mandate and two “sizable redemptions” from the Miton Income fund, triggered by the announcement of Bill Mott’s retirement in July last year.
Inflows of £606m into its equity funds and investment trusts, however, helped offset some of these redemptions. But while gross inflows reached £708m, overall the group recorded net outflows of £701m for the year.
Ian Dighé, chairman of Miton Group, said: “In 2014 we addressed the two constraints to our growth, by selling the Liverpool business and by appointing David Jane and his team to manage our multi-asset funds. In spite of these constraints we attracted gross fund inflows of £708m. In 2015 we have a broader range of funds from which to deliver growth in assets under management.”
