Miton has reported a flat 2016 after net inflows for the year only hit £1m as assets under management were boosted by positive market performance.
In a difficult year for the fund house - which saw UK Value Opportunities managers George Godber and Georgina Hamilton depart for Polar Capital - outflows from its equity business continued in the second half of 2016.
The firm reported over £100m of net outflows from equity funds in the first half of 2016 which then combined with another £80m in the six months to the end of December.
However, poor performance from the equity business was matched by a strong second half performance from its multi-asset division.
It brought in £171m of net sales in the latter six months, while the investment trust division had a flat second half but had £28m in net sales from the first six months.
Both divisions remained positive over the 12 months, alleviating some of the pressure from the equity business.
Assets under management in multi-asset funds was the star of the year, growing to £672m from £477m.
The group's total AUM is now £2.9bn - up from £2.8bn - after £120m of positive investment performance across its 14 funds and investment trusts.
Equity fund AUM fell over £100m to £1.7bn despite the £61m in positive investment performance.
The firm said outflows from its UK Value Opportunities had slowed after replacement manager Andrew Jackson took charge in July.
Ian Dighé, Miton chairman, said: "The substantial net inflows in the fourth quarter mean the Group has real momentum as we move into 2017.”
