Miton has closed out the third quarter with assets under management closing in on £5bn as the firm delivered its eighth consecutive quarter of net inflows.
In its first ever quarterly AUM update, the Aim-listed fund group said total assets had grown by 27% to £4.87bn from £3.82bn in the nine months to 30 September 2018.
Miton switched to quarterly updates to fall in line with industry norms, a move CEO David Barron (pictured) told Portfolio Adviser would not encourage short-termism among shareholders.
Net inflows nearly triple year-on-year
Total net inflows reached £927m during the period, up 198% from the £312m of positive flows it took in over the corresponding period in 2017.
Miton had the ninth highest net retail sales in the UK during the second quarter, according to the Pridham Report, which tracks industry trends and fund flows. However this was weaker than its performance in the first quarter of this year when it entered the table of best sellers for the first time in seventh place.
Equity funds continued to account for the bulk of client flows, generating £821m in the first nine months of the year. Miton UK equity income duo Gervais Williams and Martin Turner led positive flows over the first half of the year.
Positive flows from its equity and multi-asset products (£131m) were offset by outflows from its investment trusts (-£25m).
Encouraging performance in challenging backdrop
Barron said it was encouraging that the group has continued to see positive net flows across a wide range of strategies and good long-term performance against a more challenging market backdrop this year.
“After a number of years where markets have risen strongly, several major markets have seen declines in 2018. Despite this background, Miton has achieved strong flows and with our range of genuinely active funds and strong distribution, we are well-placed for an environment where returns on all asset classes may be challenged by the end of quantitative easing and rising interest rates.”
Market movements and investment performance contributed an additional £118m to AUM.
Shares in the fund group were down 1.2% at 67p during trading on Wednesday morning.
