Miton assets grow despite outflows

Miton assets grow despite outflows

Miton has reported an 8 per cent increase in assets under management for the first half of 2019.

In a trading update published today (July 12), the group confirmed its AUM stood at £4.7bn at the end of June, compared with £4.3bn at the end of December 2018.

The increase was driven predominantly by market and fund performance, generating £430m.

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The company saw net outflows of £82m during the first half of 2019, most of which was from its multi-asset funds. In the same period last year, the group recorded net inflows of £616m.

David Barron, chief executive of Miton Group, said: “In common with much of the industry, we experienced outflows from our UK equity funds reflecting both the wider concerns about the UK market and the divergence in returns from different parts of the market, post the 2016 Brexit vote. Our funds are actively managed and at times their performance will differ from peers and the wider market.

"By offering a wider range of strategies, the group continues to diversify the business and its revenue streams. At the period end, for the first time, the group had four investment teams each managing AUM in excess of £600m. These and our other strategies have further scope for growth having established critical mass and strong performance track records."

The group will announce its results for the half year to 30 June 2019 on 23 September 2019.