Miton renames PSigma funds

Miton Group is rebranding the three PSigma funds it bought a year ago to bring them into the fold. 

The £262.5m PSigma Income, £13.5m American and £16.6m Global Equity funds will drop the PSigma prefix and take Miton instead. The changes will take effect on 3 November. There is no change to their management or strategy.

The holding company for the funds, PSigma Unit Trust Managers, will become Miton Trust Managers.

Miton picked up the three funds for £5.25m in cash and £1.5m of shares in July last year. A further £6.25m is payable if PSigma has more than £700m in assets under management by July next year. It ran £750m at purchase.

From the end of July 2013 to 1 September, the Income fund has lost 27 per cent of its assets under management, according to FE Analytics.

The Global Equity fund’s AUM has fallen by 41.5 per cent and the American fund by 42.9 per cent.

Miton head of sales and marketing Ian Chimes says the name changes are a “natural first step” after the acquisition.

“We will be moving forward under the strong and reputable brand that Miton Group has become,” he adds.

“We would like to assure clients this change will have no impact on the investment strategy of the funds or the way the funds are managed.”