Miton has blamed Q2 outflows on uncertainty following the UK’s vote to leave the European Union as well as the departure of star fund managers George Godber and Georgina Hamilton in April.
The CF Miton UK Value Opportunities fund saw £423m outflows after the pair departed, the asset manager’s six-month results to the end of June show.
It offset “significant” net inflows in the first quarter that saw AUM reach £3bn before falling to £2.5bn at the end of the period. AUM was up from £2.2bn for the same period last year.
Despite the difficult second quarter, adjusted profits before tax nearly quadrupled from £800,000 over the same period last year to £3.1m.
The results pointed out that AUM had risen to £2.7bn at the end of August.
It added that multi-asset had seen its AUM increase 7.1 per cent in the year to 31 August, reaching £487m.
Andrew Jackson assumed responsibility for the Value Opportunities fund on 1 July, replacing Godber and Hamilton.