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Miton battles to stem outflows from Liverpool office
by Daniel Grote on Mar 18, 2013 at 10:17
Miton Group has claimed it is making 'good progess' in slowing outflows from the flagship funds acquired through its 2008 acquisition of Midas Capital Partners.
Miton had identified a target of stemming outflows from the £187.5 million Miton Diversified Growth and £156.7 million Miton Distribution funds, formerly known as the Midas Balanced Growth and Balanced Income funds.
Announcing its results for 2012, Miton, which rebranded from its previous MAM Funds name late last year, said: 'Although we have made good progress, we have not yet stemmed the outflow of funds managed by our Liverpool office.'
It added that changes to the investment approach of the funds, yielding improved returns and lower volatility, would help secure further progress towards its target, as would the risk-rating of the funds.
Miton reported a £900,000 profit before tax for 2012, an improvement on the £400,000 loss delivered in 2011. Assets under management rose from £1.7 billion to £1.8 billion over the course of 2012.
The group said the launch of new funds for recent fund manager signings Nick Ford, Hugh Grieves, George Godber and Georgina Hamilton would help to drive growth in 2012. Miton is set to launch three funds for the new managers, including a US Opportunities and UK Value Opportunities fund.
Chairman Ian Dighé said: 'We have stepped up the investment in, and the trajectory of, the business and expect to continue this strategy in 2013. Our refocused and expanded range of funds, and talented fund managers, are building a strong platform for growth.'
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