Adjusted profit before tax was up 71% to £5.1m during a year in which the group was rocked by the departure of two of its key fund managers and post-Brexit volatility.
The sudden resignation of UK Value Opportunities co-managers Georgina Hamilton and George Godber in April 2016 triggered £423m in redemptions and sliced the firm’s total AUM from £3.03bn in Q1 to £2.5bn by the end of Q2.
By the end of the year, AUM had risen back up to £2.9bn, higher than last year’s figure of £2.8bn.
At the end of February, AUM had surged close to the £3.1bn mark.
Miton’s multi-asset range, which also struggled to retain investors over the first six months of the year, also showed drastic improvement during the second half of 2016, ending the year at £672m.
“The business has demonstrated its resilience with momentum regained since the half year,” Miton executive chairman Ian Dighé remarked.
After six years in the role, Dighé is leaving his current post to become non-exeuctive chairman, Miton confirmed.
Former director of investment trusts and product strategy David Barron will take the reins as CEO.
Dighe continued: “Over the past year, Miton has continued to build its distinctive identity as a genuinely active fund manager. The acceleration of our growth over recent quarters underlines our confidence in our prospects.
“Miton has an outstanding team, and along with a maturing range of funds, having reached £3,097m AuM at the end of February, we look forward to 2017 and beyond.”
