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Miton surges on Psigma marriage hopes after system overhaul
by Elsa Buchanan on Sep 24, 2013 at 12:04
'Miton has made significant progress in 2013, completing the acquisition of PSigma and generating good net inflows across the product range,' Duncan said in a note to clients. 'This has continued into the second half and we upgrade full-year expectations.'
Duncan added: 'The acquisition of PSigma was completed at the start of July and the integration of the new teams and funds is progressing well. We believe that the outlook for H2 fund flows remains positive with, in particular, the Multi-Cap Income fund growing strongly.
'The group remains well balanced between the single-strategy products that are benefiting from current market conditions, offset by the Multi-asset products, which are doing less well.'
Miton chairman Ian Dighé anticipated ‘a lot of opportunities to remove roadblocks’, including the end of the group’s internal system, and an unified office with Psigma, following its acquisition this summer. ‘With this, we will be able to take on more clients,' he told Wealth Manager.
Dighé also said more inflows could come from ‘RDR and certain advisers changing their share classes’, with clients moving over on the back of charges increases by fund groups.
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