Miton Group has reported an increase in asset under management of 36 per cent for the year amid a “significant momentum” after strong inflows.
In its annual results to December 2015, published today, the firm had £2.7bn of assets under management, up 35.8 per cent from £2bn at the start of 2015.
The increase in assets was helped by £463m of net inflows for the period “supplemented by good performance” as well as a reduction in redemptions and gross sales of over £1bn.
Profits for the year turned positive from a loss of £5.5m in 2014 to £2.1m in 2015.
However, adjusted pre-tax profits dropped from £5.3m to £3m due to lower-than-average assets under management during 2015, the firm says.
Miton Group executive chairman Ian Dighe says: “I am delighted to report that the business made significant progress during 2015, growing assets under management by 35.8 per cent to £2.7m. This reflected strong momentum in the second half as we saw a marked acceleration in gross sales coupled with a significant decline in redemptions.
“This momentum has continued into 2016 despite markets being particularly unsettled. We believe many of our strategies continue to be well positioned to generate attractive returns for investors and endeavour to take advantage of changing market trends.”
Equity fund assets for the firm rose from £1bn to £1.8bn, while assets in investment trusts rose from £367m to £473m.
Assets in multi-asset funds declined from £602m to £477m, but the firm says it has renamed and repositioned these funds and placed them in appropriate Investment Association sectors “to help improve the visibility and clarity of these two products”.