Miton names Barron interim CEO; reports 70% profits jump despite muted flows

AUM now 'well over £3bn'

Miton Group has appointed David Barron as interim chief executive as it reports steady growth in assets under management and a 70% rise in profits for the year ended 31 December, despite struggling with net sales.

In its full year results, Miton announced assets under management had risen to £2.9bn at the end of 2016, up from £2.7bn the previous year. However, the group has struggled with outflows following the departure of two of its key managers in Q2, George Godber and Georgina Hamilton, who ran the Miton UK Value Opportunities fund, which led to a fall in total AUM in the first half of 2016. Since the duo left for Polar Capital, their former fund, which is now run by ex EdenTree manager Andrew Jackson, has seen assets fall from £870m to £280m, according to FE Trustnet. Despite strong inf...