Co-managers of the CF Miton UK Value Opportunities fund George Godber and Georgina Hamilton resigned in April, triggering redemptions from the fund and a big fall in the Miton Group share price.
Pre-tax profit is expected to stay in line with previous expectations after the group reported a strong uplift in its numbers in the later part of the year.
The group attributes the success to its “strong financial foundation”, active approach, and the £91m of net inflows in the last six months of 2016.
Ian Dighé, chairman of Miton Group, said: “The combination of our genuinely active investment approach, high operational standards and strong financial foundations means we can take full advantage of our hard-won market position.”
“Growth in our average assets under management and controlled operating costs are now delivering enhanced profitability and robust cash. The substantial net inflows in the fourth quarter mean the group has real momentum as we move into 2017.”
One fund launched in December 2015, the CF Miton European Opportunities Fund, ended its first year at £82m and the group are soon to launch another new fund specialising in global equity infrastructure and managed by Jim Wright.
The CF Miton UK Multi Cap Income Fund had a “solid year of performance” with AuM growing from £586 million to £755 million while the CF Miton US Opportunities Fund reached its three-year track record in March 2016 and has maintained first quartile performance with AuM up 85% to £238 million in December.
The CF Miton UK Value Opportunities recovered from a number of redemptions following the introduction of Andrew Jackson as the fund’s manager in June 2016, with redemptions now reduced and the fund delivering strong second quartile performance.
The group holds £21.3m in cash as at 31 December 2016, up from £14.1m at the same time in 2015.
