Becket, who has worked at PSigma IM since 2005 and is responsible for the wealth manager’s asset allocation and investment process said it would be “business as usual” for the company after the acquisition was completed.
He will continue to manage the PSigma Dynamic Multi-Asset Fund, launched in 2008 under a sub-advisory agreement, for the combined PSigma AM and Miton Group.
PSigma AM was formed in January 2007 as a joint venture between the Punter Southall Group and Bill Mott, Graham Fuller and Ian Chimes with the aim of widening the range of unit trusts offered by the already established PSigma Unit Trust Managers.
In January 2012 Punter Southall Group took full ownership of PSigma AM, acquiring the 50% share owned by Mott, Fuller and Chimes.
Miton’s acquisition of PSigma AM is expected to complete tomorrow for a mixed consideration of cash and ordinary shares. The cash element will be between £6.75m and £13m dependent upon the scale of PSigma AM’s AUM retained in two years’ time.
Ian Chimes, managing director of PSigma AM, and Bill Mott, PSigma’s pre-eminent fund manager, will move to Miton and their roles will stay the same.
Miton said an initial consideration of £5.25m would be funded from its internal cash balances and a placing of 7.47m new ordinary shares at 31p would be undertaken to maintain a strong cash position.
The combined business will have £2.8bn of assets under management.
