(Alliance News) - Fund manager Miton Group PLC said Friday that its assets under management rose year-on-year during the interim period ended June 30, despite suffering from net outflows.
Assets under management as at June 30 stood at GBP4.72 billion, up 8% from GBP4.38 billion as at December 31, 2018.
Miton said its average assets under management for the first half totaled GBP4.60 billion, jumping 12% from GBP4.13 billion in the comparative year ago period. Cash balances stood at GBP23.0 million versus GBP21.0 million.
The rise in assets under management was attributed to positive investment performance in the period totalling GBP430 million, with Equity funds contributing GBP372 million and multi-asset funds adding GBP57 million.
There were however, net outflows of GBP82.0 million during the first half, versus GBP616 million inflows in the first half of 2018. The company said this was due to difficult market conditions as a result of Brexit.
Chief Executive David Barron said: "In common with much of the industry, we experienced outflows from our UK equity funds reflecting both the wider concerns about the UK market and the divergence in returns from different parts of the market, post the 2016 Brexit vote."
"By offering a wider range of strategies the group continues to diversify the business and its revenue streams. At the Period end, for the first time, the group had four investment teams each managing AuM in excess of GBP600 million. These and our other strategies have further scope for growth having established critical mass and strong performance track records."
The company will announce its results for the half year to June 30 on September 23.
Shares in Miton were down 2.3% at 46.00 pence in London on Friday afternoon.
