Miton Group has recorded net outflows from its open-ended funds of £21m in the first six months of 2014 as equity fund inflows of £162m were offset by outflows from its multi-asset funds of £183m.
In its trading statement the company saw its assets under management reach £2.6bn, down from £3.1bn in December 2013, following the sale of Miton Capital Partners in March this year.
The firm recorded strong fund inflows into its UK Smaller Companies and UK Value Opportunities funds, while the Diverse Income Trust raised an additional £50m from a share issue in June to bring the investment trust assets to more than £300m, and to bring net flows into positive territory at £29m overall.
Although outflows from the multi-asset fund range have dragged on its results, Miton said the appointment of David Jane and two colleagues in June to run the funds, means outflows from these vehicles are “expected to moderate in time” as early feedback from clients had been “encouraging”.
The group added that the proposed acquisition of Darwin Investment Managers, which is majority owned by Mr Jane, is expected to complete on September 30 2014, at which point the £47m PFS Darwin Multi Asset Fund will be integrated into the Miton Group.
Ian Dighe, executive chairman of Miton Group, said: “In the first six months Miton successfully addressed two key objectives with the sale of the Liverpool business and the appointment of David Jane to manage our multi-asset funds. Miton is in a strong position with a highly regarded roster of fund managers, a rising profile amongst our clients, scalable systems and growing profitability and cash generation.”
