LONDON (Alliance News) - Miton Group PLC on Friday said it expects its trading for the full year 2016 to be in line with market expectations, as it said its assets under management at the end of June were down from the end of 2015.
In a trading update, the quoted fund management group said its assets under management at the end of June were GBP2.54 billion, down from GBP2.78 billion at the end of 2015, although its average AuM over the half year was GBP2.79 billion, compared to GBP2.14 billion a year before.
Significant net inflows in the first quarter drove AuM up to GBP3.03 billion as at the end of March, but this was offset by outflows from the CF Miton UK Value Opportunities fund in the second quarter. The AuM from this fund fell to GBP388 million at the end of June from GBP783 million at the end of March.
Miton said that markets have been particularly unsettled since the outcome of the EU referendum vote. It said that it remains primarily focused on providing its services to UK investors and does not currently rely on passporting UK domiciled funds to overseas markets to maintain its results.
"The group is well positioned with a range of first class funds to deliver performance for our clients and create value for our shareholders. By continuing to deliver distinctive strategies for our clients through genuinely active management and clear communication we will build on the strong foundations that have now been established," said Managing Director Gervais Williams in a statement.
Shares in Miton were up 4.7% at 22.25 pence Friday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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