Investors in George Godber and Georgina Hamilton’s Miton UK Value Opportunities fund have redeemed £250m in assets in the month since the pair’s departure was announced.
The pair are set to join Polar Capital, as revealed by Investment Adviser in April, though both Mr Godber and Ms Hamilton remain in charge of the Miton fund while they work their respective 12- and six-month notice periods.
But the fund has decreased sharply in size despite their continued presence, assets falling from £869m at the end of March to £590m a month later.
Meanwhile the number of holdings has fallen from 74 to 66, with cash levels rising from 4.6 per cent to 16.1 per cent.
In performance terms, the portfolio lost 2.9 per cent over the month, broadly equivalent to a £25m fall in assets and suggesting around £250m has been redeemed by investors.
A Miton spokesman said the fund house had appointed a headhunter to help find a replacement for the pair.
The spokesman added: “Outflows are to be expected in these situations. The liquidity of the portfolio and cash position mean we are able to manage redemptions.
“The recruitment of talented fund managers who can continue to deliver strong performance for our investors is a top priority for our management team.”
The Miton fund, which launched in March 2013, has returned 55.8 per cent over three years according to FE Analytics, versus a 14.3 per cent return for the IA UK All Companies sector.