PSigma Asset Management has suffered further outflows following news of Bill Mott's retirement, after an institutional client withdrew from an income mandate.
Miton said an institutional client has decided to terminate a £325.6m UK equity income mandate run by the group with effect from November 2014. Miton estimated this would reduce net revenues by £1.1m for the year ended 31 December 2015. Since lead manager Mott (pictured) announced his retirement in July, the PSigma Income fund is down from £360m in July to £220m as investors exited their positions. Management will be taken over by co-managers Eric Moore and Gervais Williams in December. The fund has returned 6.9% over the year to 1 October according to FE versus a sector average of...
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