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Miton multi-asset funds see near £200m redemption in H1

Miton multi-asset funds see near £200m redemption in H1

Almost £200 million has been withdrawn from Miton’s Multi-Asset funds during six months which included the departure of former manager Martin Gray and his replacement by David Jane (pictured).

The redemptions from the range reduced the group’s net inflows for the period to £29 million, mostly driven by demand for the company’s equity range, it said in a trading statement.

Disregarding the sale of Miton Capital partners earlier this year, like-for-like assets under management were flat over the six months and rose from £2.3 billion to £2.6 billion over the year.

Profit was likely to be ‘well ahead of the prior year’ however.   

‘In the first six months Miton successfully addressed two key objectives with the sale of the Liverpool business and the appointment of David Jane to manage our multi-asset funds,’ said executive chair Ian Dighe.

‘Miton is in a strong position with a highly regarded roster of fund managers, a rising profile amongst our clients, scalable systems and growing profitability and cash generation.’

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