Funds under management rose 14% to £4.4bn in 2018 but a £1bn inflow of new money was countered by a £466mln decline in the value of Miton’s portfolio of funds, all of which was in the final three months.
Net inflows also dropped to £92mln from over £300mln in each of the previous three quarters.
Earnings for the 2018 year are expected to be in line with expectations but brokers have said they will cut forecasts substantially for 2019 as the weak fourth quarter washes through.
Peel Hunt expects to lower its 2019 estimate by 15-20% though it adds Miton did still generate inflows in its fourth quarter which was a strong result given outflows seen elsewhere.
The broker has cut its share price target to 60p from 73p.
Shares fell 6% to 49.5p.