23rd Jul 2015 13:58
LONDON (Alliance News) - Miton Group PLC Thursday reported an increase in assets under management over the first half of 2015, with the AIM-listed fund manager seeing signs that outflows have moderated and inflows are picking up.
In a statement, Miton said it expects that positive trend to continue in the second half of the year.
Overall, assets under management increased to GBP2.23 billion at the end of June, from GBP2.05 billion at the start of January.
However, average net revenue margin increased by less than expected in the first half when compared with the same period the prior year.
Underlying costs in the first half were held at the 2014 level, Miton said.
Miton intends to push ahead with a new European fund in the second half of the year, having floated the Miton UK MicroCap Trust in April.
"The costs of our European initiative including recruitment, fund launch and ancillary costs are expected to be up to GBP400,000. These were originally budgeted for 2016," Miton Group said.
Carlos Moreno, previously fund manager at JO Hambro Capital Management Group where he managed the JO Hambro All Europe Dynamic Growth Fund, will be joining Miton in August as European Equities Fund Manager.
Miton shares were down 4.8% at 25.00 pence on Thursday afternoon.
The company will report results for the first half on September 28.
By Samuel Agini; [email protected]; @samuelagini
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