Management of the funds was taken over by David Jane and two of his colleagues, on 9 June when Miton acquired Dawin Investment Managers, of which Jane is the majority owner. A decision that prompted Martin Gray, the prior manager of the funds to resign.
According to the group, early feedback from its client base has been encouraging with regards to the change in management and, it added it expects outflows from the fund range to moderate in time.
“David has a long history of providing investors with outcome-driven strategies highlighting capital preservation and the delivery of real returns over the medium term,” it said.
On the equity side of things, the news was a more positive, with strong inflows into the group’s CF Miton UK Smaller Companies Fund and CF Miton UK Value Opportunities Fund. Overall equity inflows were £365m, but this was somewhat offset by £203m in outflows during the period.
Including Miton’s investment trust business, the asset manager saw total net inflows of £29m in the six month period, bringing total assets under management to £2.6bn as at 30 June, 2014.
This figure includes the sale of £438m AuM in Miton Capital Partners Limited ('MCPL') which completed on 31 March 2014.
Looking ahead, Miton said, it expects adjusted profit before tax for the six months to be “well ahead of the prior year, consistent with expectations”.
It added: “Half year cash balances increased to £16.2m (31.12.13: £11.2m) after payment of bonuses and final dividend but including £3.5m net cash received from the disposal of MCPL”.
