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Miton prepares for triple fund launch in 2013 as AuM rise 7%

Miton Group has announced a 7 per cent rise in assets under management as it plans a trio of fund launches in 2013.

The boutique’s assets rose to £1.79bn at 31 December 2012, up from £1.67bn 12 months earlier, with the group citing inflows into its largest collective funds despite their defensive positioning.

Miton says this contrasts with outflows from its former Midas funds. On 24 January, the asset manager received final approval to rebrand its funds from MAM Funds to Miton. Miton’s board expects the group’s adjusted profits to finish ahead of analysts’ expectations of £3.4m. The group says total cash at the end of 2012 stood at £12m.

The group plans to launch three global equity funds in 2013 following the hires of Nick Ford from Fidelity, George Godber and Georgina Hamilton from Matterley and ex GLG manager Hugh Grieves.

Miton says these funds will have distinct strategies in the UK mid and large cap and US multi-cap sectors.

Chelsea Financial Services managing director Darius McDermott says: “The US is becoming more popular but it tends to be an area where fund managers struggle to provide consistent performance. The UK will be always be ultra competitive so outperformance is essential if you want to attract assets.”

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