9th Jun 2014 10:02
LONDON (Alliance News) - Miton Group PLC Monday said it is to acquire Darwin Investment Managers Ltd, and will appoint Darwin's majority owner as the fund manager of four of its multi-asset funds, with Martin Gray resigning from the board due to differences in opinion over future plans.
In a statement, Miton Group said it will pay for Darwin in cash and shares, including a deferred element payable over two years linked to growth in assets under management. At the end of May, the PFS Darwin Multi Asset Fund had GBP47.0 million in assets under management. Miton did not disclose financial details of the deal, which is expected to complete on or around September 30.
Executive Chairman Ian Dighé said that Miton has made a "strong start" to 2014, and is confident of decent earnings growth over the year.
Miton said it has appointed David Jane, Darwin's current majority owner, to manage the funds, with Martin Gray resigning due to differences over their plans for the future.
Jane, a former head of equity investments at M&G Investments, the asset management arm of Prudential PLC, founded Darwin in 2010, with funds focusing on a combination of capital preservation and real returns over the medium term.
He will now manage the CF Miton Special Situations Portfolio, the CF Miton Strategic Portfolio, the CF Miton Total Return Fund, and the Miton Global Diversified Income Fund.
Miton shares were Monday quoted at 43.00 pence, down 1.2%.
By Samuel Agini; [email protected]; @samuelagini
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