Miton appoints chairman as profits fall

Miton appoints chairman as profits fall

Asset management company Miton Group has announced the appointment of James Neilson Pettigrew as chairman, amid falling profits.

Profits were down to £2.9m profits for the six months to 30 June 2017, down from the £3.1m figure for the same period last year.

The company said it expects its full year results to be “at least in line with expectations”.

Assets under management (AUM) were reported as £3.3bn for the period covered by these results, compared with £2.24bn for 30 June 2016.

The firm launched the CF Miton Global Infrastructure Income fund during the year, which had assets of £17.3m at the end of June.

Miton announced Mr Neilson Pettigrew will join the company as non-executive chairman in November, at which time the current chairman, Ian Dighe, will retire.

Mr Pettigrew has previously worked as chief executive of CMC Markets, a spread betting firm, and chief operating officer at Ashmore, a fund manager.

He is currently chairman of CYBG (Clydesdale and Yorkshire Bank) a non executive director of Rathbones, and also chairman of the Edinburgh Investment Trust.

David Barron, chief executive at Miton Group, said he looks forward to the full year, following the “strong start” made by the company.