Miton has acknowledged a "difficult" 2014 after posting a £5.5m pre-tax loss for the period.
In its full-year results to 31 December 2014, the company reported losses of £5.5m, compared to profit of £700k at the end of 2013. Miton said the loss was due to a previously-reported £12m writedown relating to the sale of its Liverpool business to Seneca Investment Managers, offset in part by a £3.2m credit reflecting a fair value adjustment for a PSigma deferred consideration. The company suffered badly with outflows with £503m in outflows due to poorly-performing multi-asset funds, which are now being turned around by Darwin's David Jane, and a £510m outflow due to the departure o...
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