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Miton acquires David Jane's Darwin; Martin Gray exits

Miton Group has acquired David Jane's investment boutique Darwin Capital and revealed Martin Gray has left the firm.

Miton acquires David Jane's Darwin; Martin Gray exits

Miton Group has acquired David Jane's investment boutique Darwin Capital.

Jane (pictured) will move to Miton as part of the transaction and assume responsibility for four multi-asset funds, replacing Martin Gray who is leaving Miton.

Jane established Darwin in 2010 after a 10-year spell at M&G where he was head of equity investments and manager of the flagship M&G Cautious Multi-Asset fund (now known as the M&G Episode Balanced fund).

On completion of the acquisition Jane's £47 million PFS Darwin Multi Asset fund will be integrated into Miton.

He will also assume control of the CF Miton Special Situations, CF Miton StrategicCF Miton Total Return and Miton Global Diversified Income funds.

Miton will fund the Darwin purchase through a combination of cash and ordinary shares.

Miton chairman Ian Dighé told the stockmarket: 'The Miton multi-asset business has a history of delivering attractive long-term returns to clients, along with careful attention to preserving capital, particularly at times of market setbacks. 

'Given David's strong track record of multi-asset investing and his focus on excellent client service over a career spanning 25 years, we are delighted that his team is joining Miton. Bringing someone of David's profile and experience underlines the strength of Miton's ambition in serving the needs of our clients.'

Jane added: 'I am very excited to be joining Miton at this stage of its development. Our distinctive approach to portfolio construction, which focuses on blending shorter term macro opportunities with longer term themes, has been popular with clients and underpins our strong performance track record. 

'The opportunity to build on this, with the resource and skillsets at Miton, should prove to be a powerful combination for clients.'

The pensions overhaul in the Budget earlier this year also offers a major opportunity for multi-asset managers.

'The changes brought by the Budget will be a multi-year evolution. The freeing up of people's pensions funds from annuities means that having a definite positioning in that area does help, especially when many [competitor's]offerings are more risk-on, Miton UK sales and marketing director told Wealth Manager.

He added: 'The reason we've acquired the business is that over the next few years, this idea of capital preservation is absolutely key for intermediaries

'We see a tremendous growth in this whole multi-asset world. While we've got a track record and a business profile in that area, David [Jane] and his team have built great profiles at M&G and recently at Darwin, so it's been a great solution all-round to bring them in.'

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