Miton's AUM boosted by diversification

Miton's AUM boosted by diversification

Listed investment house Miton Group expects its full year results to be in line with expectations as it announced assets under management (AUM) rose by 32 per cent in the 2017 calendar year.

The company managed £3.82bn for the year ending 31 December 2017.

The major source of the asset growth was £494m of net inflows, which compared with £1m of net inflows in 2016.

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Miton said eight of its 11 open-ended funds attracted net inflows during the year.

During 2017, the company launched the Miton Global Infrastructure Income fund, which had assets of £19.8m at the end of December 2017.

The company expects to publish its full year results on 19 March.

David Barron, chief executive of Miton Group, said: “In my first year as CEO, we have built momentum in the group and broadened the business both in terms of client base and product, while intensifying our client centric approach.

"By offering a strongly-differentiated range of multi-asset and single strategy funds and positioning them as complementary to index based strategies, we are well-placed for the changes taking place in the UK asset management market.

"We have achieved strong investment outcomes for our clients and are building a resilient and diversified business.

"These factors have come together in a year of accelerated organic growth and strong cash generation, with record year end AUM."

Stuart Duncan, analyst at Peel Hunt, said: “Although markets have helped, Miton has delivered strong growth, with the longer term prospects supported by the increased diversification of the business.

"In our view, the group's valuation continues to significantly underestimate the prospects of the business."