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Miton's AUM surge past £3bn, but profits dip

by James Phillipps on Apr 01, 2014 at 08:29

Miton's AUM surge past £3bn, but profits dip

Miton saw its assets under management surge by 72% past the £3 billion mark in 2013 on the back of strong organic growth and the acquisition of PSigma.

The PSigma deal added £749 million of assets with a further £351 million coming from net inflows and investment trust mandate wins.

The group’s full year results show that pre-tax profits fell 22% from £900,000 to £700,000 following the acquisition, but net revenue rose by 29.3% to £15 million year-on year.

The group won the mandate for the £81 million Henderson Fledgling trust, which was merged into its existing Diverse Income trust. It also won the £18 million Investment Company. Overall, the group’s two multi-cap income funds – Diverse Income and CF Miton UK Multi Cap Income, managed by Gervais Williams (pictured) saw their assets rise from £167 million to £631 million.

Elsewhere the group said the sale of its £450 million Liverpool fund business is on track to complete imminently.

The board has proposed a dividend increase of 20% to 0.54p per share.

Executive chairman Ian Dighé said: ‘The transaction both reduces our regulatory capital requirement and further boosts our free cash balances.

‘Over the last three years the group has decisively scaled up for growth with some of the most highly regarded people in the industry joining the group. 2013 saw a step up in interest in our ‘beyond the credit boom’ investment strategies which delivered significant organic growth. We have made a good start to 2014 and therefore look forward to a year of further progress.’

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