LONDON (Alliance News) - Miton Group PLC on Wednesday reported a rise in assets under management in the first quarter, driven by an increase in its equity funds.
At March 31, Miton's assets under management stood at GBP4.60 billion, 5.0% higher compared to the GBP4.38 billion at the start of the March quarter.
For the three months to the end of March, Miton reported net inflows of GBP5 million with a positive market performance of GBP219 million.
Miton' equity funds under management increased 7.3% to GBP3.24 billion, with GBP42 million in net inflows and a GBP187 million positive market performance.
The asset manager did suffer GBP37 million in net outflows from its multi-asset funds, which decreased slightly in the quarter to GBP839 million.
Miton's investment trust assets under management were broadly flat at the end of the quarter at GBP517 million.
"In the context of the wider market it is encouraging to see a further quarter of positive net inflows reflecting growth in several of the equity funds that were developed to meet client needs and diversify the business," said Chief Executive David Barron. "Whilst markets have rallied, sentiment remains subdued and clients are still cautious. We believe we are well positioned, if more normal market conditions return, to continue to make further progress through the strength of our differentiated funds and our effective distribution."
Shares in Miton were down 1.8% Wednesday at 59.40 pence each.
