Outflows from its multi-asset funds dragged down growth at Miton in the nine months to the end of September.
The company had total outflows in the period of £121m, of which £106m were from the range of four multi-asset funds run by David Janes and Anthony Rayner.
The net outflows of £121m contrast with the same period in 2018, when the firm attracted net inflows of £927m.
All four funds, which have £814m of assets in total, have underperformed their respective sectors in year to October 11, according to data from FE Analytics, with the worst one - the Miton Cautious Monthly Income fund - returning 2 per cent over the year, compared with 5 per cent for the IA Mixed Investment sector.
Miton’s total assets under management at the end of September was £4.6bn, a 7 per cent increase since the start of 2019, driven by market movements.
David Barron, chief executive of Miton, said: “Since the half year, further progress has been made in the diversification of the group with strong demand for our non-UK focused equity funds. At the period end, the group has four portfolio management teams each managing in excess of £750m."
Miton agreed to merge with rival fund house Premier in September, to create a combined company with assets under management of over £11bn.
The combined entity will have Mike O’Shea, current chief executive of Premier, as chief executive.
Multi-asset is one of only two segments (the other being UK equities) where Premier and Miton have competing funds, though Premier’s multi-asset fund range uses a multi-manager approach, while Miton’s invests directly in the underlying securities.