Miton shrugged off the impact of a torrid second quarter to post a half-year pre-tax profit of £2.9 million, up from £0.6 million in the first six months of 2015.
After enjoying record inflows of £259 million in the first quarter, Miton saw net outflows of £423 million in Q2, following the departure of George Godber and Georgina Hamilton. The pair, who ran the group’s UK Value Opportunities fund, quit in April to join Polar Capital.
However, Miton said flows had now turned positive again and assets under management have risen from £2.54 billion at the end of June to £2.71 billion by the end of August. This is up from £2.23 billion at the end of June 2015, but still marginally down on its closing balance AUM at the end of last year, which was £2.8 billion.
Revenue rose from £7.1 to £9.6 million year-on-year.
Chairman Ian Dighe said: ‘Since the half-year end we have experienced renewed momentum in asset growth, giving us confidence in the outlook for the year as a whole.’
In the stock market update, Miton, led by managing director Gervais Williams (pictured), also gave further details of the new fund manager retention scheme it announced it was putting place in its Q2 trading update. The group said that from the second half of the year, remuneration will now be based upon a revenue share agreement ‘adjusted for high investment performance and the achievement of our clients’ objectives’.
Elsewhere, the group said it has £17.4 million cash in the bank, up from £14.1 million year-on-year.