25th Jul 2014 08:27
LONDON (Alliance News) - Miton Group PLC Friday reported GBP29.0 million of net inflows in the first half, as flows into its equity funds more than offset outflows from its defensively positioned multi-asset funds.
In a statement, the AIM-quoted fund management group said -it had GBP2.6 billion in assets under management at the end of June, a decrease from the GBP3.1 billion at the start of the year. The decline is largely due to the sale of Miton Capital Partners, which had GBP438.0 million in assets under management.
The group said that it expects adjusted pretax profit, which excludes amortisation, so-called exceptional items and tax, for the six month period to be well ahead of the prior year, consistent with expectations. The disposal of Miton Capital Partners in March gave rise to an exceptional loss on sale of GBP10.3 million as a result of a GBP16.0 million non-cash reduction in goodwill and intangible assets offset by consideration received.
"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. 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," Executive Chairman Ian Dighe said in a statement.
Miton shares were Friday quoted up 2.1% at 38.15 pence.
By Samuel Agini; [email protected]; @samuelagini
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