Miton Group makes £10m H1 loss

Miton Group made a £10m loss in the first half of the year due to intangible writedowns from the sale of its Liverpool-based funds.

On an adjusted pre-tax basis the company reported a profit of £3.4m for the six months to 30 June, up almost 90 per cent on the same period last year.

However the March sale of Miton Capital Partners to Seneca resulted in an exceptional loss of £12m.

Net investor flows to Miton remained slightly positive, however total assets under management fell to £2.64bn, almost entirely due to the sale of its Liverpool business. At the start of the year it was £3.1bn.

Miton Group executive chief executive Ian Dighé says the business has dealt with challenges in the first half of the year and was confident for the business’s prospects.

“The Group’s distinctive market position, along with our demonstrable operational strengths, highly regarded fund managers and performance culture put us in a strong position to grow AUM over the coming years,” he adds.

The recent £47m purchase of Darwin Investment Managers is hoped to turn around the group’s multi-asset offering and return it to growth.

During the six months to 30 June, its multi-asset arm lost £237m from net investor outflows and market performance, as well as another £288m from the sale of Liverpool-based Miton Capital Partners. It now has £848m of multi-asset funds under management.

Miton bought the management contract for Matterley Undervalued Assets fund early this month for £91m. As well as Darwin, it acquired PSigma Asset Management in July last year.