Miton Group sees AUM rise in first half

AIM listed fund management Company Miton Group PLC (LON: MGR) saw its Assets Under Management rise in the first half, and today it published its H1 results for investors and press.

For the half year ending 30 June 2019, the Company announced its AUM had risen 8% since 31 Decemebr 2018, up from £4.376 billion to £4.724 billion.

Further, Miton average AUM had jumped 11.5% on a year-on-year basis, up from £4.126 billion for H1 2018 to £4.601 billion for H1 2019.

The Company also noted that cash balances had increased for the first half on-year, with £21 million as of 30 June 2018, to £23 million at 30 June 2019. There was also a turnaround in cash flows, with H1 2018 demonstrating £616 million in inflows, while H1 2019 illustrated outflows of £82 million.

Miton Group Comments

Chief Executive of the Company, David Barron, had the following notes to add to the results,

“The Group has seen its AuM increase by £348 million in the Period to close at over £4.7 billion. In common with much of the industry, we experienced outflows from our UK equity funds reflecting both the wider concerns about the UK market and the divergence in returns from different parts of the market, post the 2016 Brexit vote. Our funds are actively managed and at times their performance will differ from peers and the wider market.

By offering a wider range of strategies the Group continues to diversify the business and its revenue streams. At the Period end, for the first time, the Group had four investment teams each managing AuM in excess of £600 million. These and our other strategies have further scope for growth having established critical mass and strong performance track records.”

Investor notes

Following the release of today’s results, the Company’s shares dipped 2.34% or 1.1p to 46p a share 12/07/19 13:58 GMT. Liberum Capital analysts reiterated their ‘Buy’ rating on Miton stock, while Peel Hunt reiterated their ‘Add’ stock.

Elsewhere in wealth management, there have been updates from; Walker Crips Group plc (LON: WCW), Liontrust Asset Management PLC (LON: LIO), Mattioli Woods (LON:MTW), Intermediate Capital Group plc (LON:ICP) and Babcock International Group PLC (LON:BAB).

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Senior Journalist at the UK Investor Magazine. Also a contributing writer at the Investment Observer, UK Property Journal and UK Startup Magazine. Postgraduate of King's College London with a specialisation in Business Ethics. Interested in Development Economics and David Hume.