Miton assets under management rise ahead of merger with Premier AM

Fund management company Miton Group reported closing assets under management of £4.68bn as at 30 September in its third quarter update on Friday, rising 7% from £4.38bn on 31 December.

The AIM-traded firm said the average assets under management figure for the nine month period was £4.64bn, which was 7.4% higher than the £4.32bn figure quoted at the same time last year.

Net outflows totalled £121m for the period, swinging from net inflows of £927m in the first three quarters of 2018.

“Since the half year, further progress has been made in the diversification of the group with strong demand for our non-UK focused equity funds,” said chief executive officer David Barron.

“At the period end, the group has four portfolio management teams each managing in excess of £750m.”

Barron noted that, on 9 October, a special resolution was passed approving the all-share merger with Premier Asset Management Group.

“The merger is now subject to regulatory approval and also sanction from the court, which is expected on 14 November.”