Miton's shares rocket after Psigma AM takeover

Miton Group's shares have jumped by almost 17% in early trading following its acquisition of Psigma Asset Management in a deal worth up to £13m.

Shares in the AIM-listed asset management house jumped as much as 16.7% or 5p by 9.45am to 35p, as investors welcomed a deal which will bolster Miton's AUM by around £750m. Miton said the deal would be 'significantly earnings enhancing' next year. The Psigma franchise is built upon the success of Bill Mott (pictured) and Ian Chimes in the UK income space, and the business will effectively be bolted on to the existing Miton business. The former Credit Suisse duo of Mott and Chimes are both moving to Miton as part of the deal, with the roles of Mott and team unchanged. Chimes wil...