Miton Group recorded positive net flows in 2016 of £1m as flows into its multi-asset range offset net outflows of £181m from its equity funds.
The final results for the group noted significant net inflows in the first quarter of the year were offset in the second quarter, “primarily as a result of outflows experienced on the CF Miton UK Value Opportunities fund”.
Although Ian Dighé, executive chairman of Miton Group, noted in his statement that “under the new management of Andy Jackson, the fund has delivered strong first quartile performance since he took over on July 1 2016 in what were volatile market conditions following the Brexit referendum”.
However, Miton stated the second half of the year saw increased momentum in asset gathering, with flows into its multi-asset funds reaching £154m in the year, £152m of which related to the MI Miton Cautious Monthly Income fund. This helped the multi-asset fund range assets under management increase more than 41 per cent from £477m to £672m.
As a result the group’s assets under management increased 4.3 per cent in the year from £2.8bn to £2.9bn, helped by market performance of £120m.
Meanwhile Mr Dighé highlighted that following the announcement in November 2016 that he would be moving from executive to non-executive chairman, David Barron will take on his executive responsibilities on an interim basis from March 16 2017, "in the role of chief executive officer, to continue building on the growing momentum within the group".
Mr Dighé added: “It has always been my intention to initiate a search for a new non-executive chairman at this stage and stand down from the Board following an orderly handover of responsibilities. The search for a new non-executive chairman is now underway. The company will also recruit a chief executive to lead the management team in the future.”
