Net inflows totalled £494m for the financial year ended 31 December compared to just £1m in 2016.
The UK Value Opportunities fund suffered £423m in redemptions during the first half of 2016 after the resignation of Godber and Hamilton (pictured), who now run a similar strategy at Polar Capital.
Assets under management at the boutique firm were £3.8bn at the year’s end in 2017 compared to £2.9bn in 2016. In the period since 31 December, assets have surpassed £4bn.
Single strategy funds, which are all focused on equities, led growth in AUM up 37% from £1.7bn in 2016 to £2.4bn at the end of 2017. Meanwhile, in the multi-asset range AUM increased 29% from £672m in 2016 to £868m in 2017. Investment trusts saw the lowest levels of growth, but still experienced 17% growth in AUM from £519m in 2016 to £605m in 2017.
Miton chief executive David Barron, who took the helm of the company last year, described the combination of single-strategy and multi-asset funds as a “real source of strength” for Miton.
“The demand for single-strategy funds may rise and fall with wider market conditions, and whilst we aim to offer strongly performing equity funds that have appeal as long-term investments, the multi-asset range meets differing client expectations and brings diversity to the business,” Barron said in the results.
Profit before tax was up 44% in 2017 to £6.8m compared to £4.2m in 2016.
Peel Hunt said the results exceeded its expectations, which had already been upgraded twice in 2017. It said there was significant capacity for growth in Miton US Opportunities, European Opportunities, UK Value Opportunities and the Multi-Asset range.
Miton has already launched two funds this year: a smaller companies fund for Nick Ford and Hugh Grieves, who manage the US Opportunities fund; and a balanced fund in the multi-asset range, which is managed by David Jane and Anthony Rayner.
