Miton Group proposes sale of Liverpool fund management business

Miton Group has proposed the sale of its Liverpool fund management business Miton Capital Parners to Seneca Investment Managers for up to 6.4m pounds.The move comes after a review of the Liverpool arm showed there was "less prospect of rapid growth" of assets under management compared to other areas of business in the group. The fund management group said the recommended disposal of the Liverpool business will be for £3.5m on completion, plus around £1.9m for net assets three months after completion and a potential deferred payment of up to £1m.The sale is subject to approval by the Financial Conduct Authority and is expected to be finalised in the second quarter of 2014.Miton said cash received from the disposal would reduce the group's regulatory capital requirement and provide funds for growth.Shares rose 0.51% to 49.50p at 10:41 on Friday.RD