Miton hires JO Hambro manager for European fund launch

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Miton is launching a new European fund later this year and has hired Carlos Moreno, formerly at JO Hambro, to run it.

The asset manager will launch the European equity fund as part of its wider plans to diversify its fund offerings.

Miton chairman Ian Dighé says: “This appointment is the next step in our growth strategy based on developing and providing distinct investment strategies for investors.”

Miton battled with outflows last year, seeing £1bn pour out of its funds after Bill Mott retired from the Psigma business. In addition, £438m of assets were lost in the sale of its Liverpool business. At 31 December 2014 the firm held £2.05bn, down £1.05bn on a year earlier.

Miton has already launched a new micro-cap investment trust this year, investing in firms with less than £150m in market cap. The trust is run by Gervais Williams and Martin Turner.

Moreno previously ran the JO Hambro All Europe Dynamic Growth Fund for four years until January, when JO Hambro closed the fund after problems raising assets. Moreno has also previously worked for Thames River and Fidelity Worldwide Investments.

Following the closure of the All Europe Dynamic Growth Fund, JO Hambro announced plans to launch a European Concentrated Value fund.