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Miton shares slide as company reveals net outflows in first half of 2019

Outflows from the group's UK equity funds reflected "both the wider concerns about the UK market and the divergence in returns from different parts of the market, post the 2016 Brexit vote".
Fivers
Average AuM for the first half of 2019 was £4,601mln, up 11.5% year-on-year

Assets under management (AUM) at Miton Group PLC (LON:MGR) rose by 8% in the first half of the year.

At the end of June, AUM stood at £4,724mln, up from £4,376mln at the end of December 2018.

READ Miton Group under pressure as volatile equity markets hit inflows

The market was clearly expecting more, however, and the shares were down 2.9% in early deals, perhaps reflecting net outflows in the period of £82mln, versus inflows of £616mln in the first half of last year.

“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. Our funds are actively managed and at times their performance will differ from peers and the wider market,” said David Barron, the chief executive officer of Miton.

“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 £600 million. These and our other strategies have further scope for growth having established critical mass and strong performance track records," he added.


 

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Miton Group PLC Timeline

Newswire
January 14 2016

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