MAM Funds assets flat as Midas redemptions match inflows

Fund management group MAM Funds has reported “unchanged” assets under management of £1.7 billion for 2011, in its latest trading update.

The company says strong sales from its Miton range in the second half of 2011, were “largely matched’ by redemptions from its Midas funds.

However, the company saw strong support for its newly-launched Acuim UK Multi Cap Income fund, which had inflows of £10m in the final quarter of the year.

In the trading update, the company says adjusted profit for 2011 would be “materially ahead of current market expectations driven by revenue outperformance and cost control”.

The company warned of a £1m hit in 2011 due to restructuring costs.

It also warned of higher annualised costs in 2012, which it expects to be offset by higher revenues.