After publishing promising half-year results, Miton chief executive David Barron said the firm is considering launching new products going forward.
'We are a very straightforward business, with UK-domiciled funds for UK customers, which makes us quick and nimble,' he told Wealth Manager.
'We have ideas about adding new products going forward and we have the capacity and the capability to do it without adding new people.'
Barron said, however, that the plans could not be revealed at this stage, noting that when it comes to launching new mandates the firm takes a measured approach.
'We have launched six funds in the past six years and they all cover different areas,' Barron says. ' This shows how our growth is coming from different areas.'
'The so-far excellent performance gives us a platform for organic growth. Our multi-asset funds have also seen good, steady growth, we have added two people to our sales team and are also relaunching our website.'
Senior executive director Gervais Williams (pictured) said the appointment of James (Jim) Pettigrew as chairman to replace outgoing Ian Dighé underlines the company's ambition for the future.
'We have been lucky with our hires so far,' he said. '[Pettigrew] could have joined other groups but he chose to come to us.'
Even though Barron says he is not currently thinking of increasing the headcount, Williams added they do get people 'knocking on the door'.
According to results for the six months to 30 June published yesterday, the firm's assets under management (AUM) grew 31.9% year on year, to £3.4 billion, with £286 million in inflows for the rolling 12 months to 30 June. Over the six-month period, net inflows were £195 million.
Profit before tax was down 17.2% to £2.4 million, while revenue increased by 7.3% to £10.3 million.
Barron said 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.