MAM shares soar 13% as AUM holds up despite downturn

MAM Funds has seen its share price soar in early trading after the group revealed assets under management held up firmly in 2011.

In a trading update, the group said funds under management at the end of last year stood at £1.7bn, unchanged from 2010, although the group was faced with tough trading conditions last year. The update was warmly welcomed by the market, with the group's share price surging 13.33% or 3p, to 25p in early trading. MAM said strong sales of Miton funds in the second half of the year helped keep funds under management stable, following expected redemptions from Midas funds. The group added it was cash generative during 2011 with net balances at the year end rising to £9.9m. Former Gar...