Miton sees £463m of inflows as two funds near capacity

UK-Currency-Money-Pound-GBP-700x450.jpgMiton Group saw £463m of net inflows last year and says two of its funds are reaching capacity.

The asset manager saw large inflows to its equity funds, which attracted £573m of net inflows for the year, taking total assets in the funds to £1.8bn.

However, the group was hit by its multi-asset offerings, which saw £162m of net outflows for the period, leaving total assets at £477m. The group said the multi-asset fund range had been “repositioned for future growth and saw continued good performance” in the year.

The multi-asset revamp included relaunching and repositioning the PFS Darwin Multi Asset fund as the PFS Miton Cautious Monthly Income fund.

Total assets at the group rose to £2.78bn, up 36 per cent on the £2bn seen at the start of 2015.

Ian Dighé, executive chairman of Miton Group, warned that the “significant momentum” in inflows in the second half of the year meant that in 2016 the asset manager may reach capacity in two of its strategies.

The CF Miton UK Value Opportunities fund saw the largest inflows in the year, of £378m. The FP Miton Undervalued Assets fund will be merged into the UK value fund next month, bringing total assets to £783m.

The CF Miton UK Multi Cap Income fund also saw strong inflows of £378, taking assets in the fund to £586m.

The asset manager’s Miton UK MicroCap Trust was launched at the end of April last year, raising £50m. In December the company announced plans to consider raising additional money for the fund.

The firm also launched the CF Miton European Opportunities fund in December, after hiring Carlos Moreno and Thomas Brown to run the fund.

“Inflows gained significant momentum in the final two quarters of the year. The favourable underlying traction we have built at Miton means we are well positioned to continue to deliver for clients in future years, notwithstanding that our funds are not immune from market headwinds,” says Dighé.