Miton has appointed James (Jim) Pettigrew as chairman of the company, replacing Ian Dighé.
Pettigrew will join the board in November as a non-executive director. He was previously CEO at CMC Markets, COO at Ashmore and group finance director at Icap.
He held a number of non-executive positions in the past as well, including at Aberdeen Asset Management, AON UK, Hermes Fund Managers and Pacific Investment Management.
Dighé (pictured), the outgoing non-executive chairman, said: ‘Jim's breadth of experience, credibility with key stakeholders and strong leadership qualities make him an ideal choice as Chairman. We believe the Company will benefit from Jim's considerable experience of the fund management industry. I am pleased to hand over my responsibilities as Chairman to him.’
According to results for the six months to 30 June, profit before tax was down 17.2% to £2.4 million, while revenue increased by 7.3% to £10.3 million.
Chief executive David Barron stated that the decrease in profit was due to higher administrative expenses in relation to the company’s new fund manager remuneration plan as well as a £430,000 write back of share-based payments that benefited last year.
The firm’s assets under management also grew, up 31.9% year on year, to £3.4 billion. The firm noted that for the rolling 12 months to 30 June, it experienced £286 million in inflows. Over the six-month period, net inflows were £195 million.
The company has £18.2 million in cash at period end and declared a final dividend of 1p per share in relation to the 2016 financial year.
Barron said: 'The group continues to deliver strong investment performance and net inflows. We have continued to streamline the business and have demonstrated the scalability of our operating platform.
'Following a strong start, we look forward to the full year results with confidence.'