Fund management firm Miton has continued to see positive net inflows in the second half of the year.
The firm’s assets under management (AUM) have shot up by 8% over the last four months to over £3.6 billion, according to a trading update released this morning.
‘Overall, the momentum reported in the first half of the year has continued, with further good growth in assets well ahead of our expectations,’ Peel Hunt analyst Stuart Duncan said in a note on a stock.
He added Peel Hunt’s view on Miton remains that the current valuation materially undervalues the recent growth in the business. He also noted that the growth 'again exceeded our expectations'.
This latest update comes after the publishing of promising half-year results in the summer.
At the time, Miton chief executive David Barron told Wealth Manager: ‘We are a very straightforward business, with UK-domiciled funds for UK customers, which makes us quick and nimble.
'We have ideas about adding new products going forward and we have the capacity and the capability to do it without adding new people.'
Miton's latest launch was the Global Infrastructure fund run by Jim Wright in March.
The company's shares were up 9.32% this morning to 38.40p. Peel Hunt retained its 'buy' rating on the stock with an increased target price of 55p.