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Miton boosts equity income presence with PSigma acquisition

Miton Group is acquiring PSigma Asset Management in a deal worth up to £13m that will bring respected equity income manager Bill Mott under the same roof as small cap specialist Gervais Williams.

Miton will pay between £6.75m and £13m in a mixture of cash and ordinary shares to parent company Punter Southall Group, with the size of the deal dependent on PSigma’s assets under management in two years’ time.

Currently, PSigma runs around £750m, with some 91 per cent of this coming from the UK equity income mandates built up by Mott and managing director Ian Chimes.

PSigma’s range includes Mott’s £383.2m PSigma Income fund as well as Jing H Sun’s £29.1m PSigma Global Equity, James Abate’s £23.5m PSigma American, Tom Becket’s £20 PSigma Dynamic Multi Asset and Neil Cumming’s £1m PSigma UK Growth funds.

The role of Mott and his team will be unchanged after the move to provide continuity for PSigma’s clients, while Chimes will oversee Miton’s enlarged UK sales and marketing operation.

Miton runs 11 open-ended funds, including Martin Gray and James Sullivan’s £866.6m CF Miton special situations portfolio and Williams and Martin Turner’s £89.5m CF Miton UK Multi Cap Income funds and four investment trusts.

Hargreaves Lansdown senior investment manager Adrian Lowcock says the deal is positive, adding: “The businesses are complementary and Bill Mott and Gervais Williams hold similar macroeconomic views.”

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