Miton has reported pre-tax half-yearly profits of £300,000 to 30 June, down from £500,000 from the same period last year as expenses rose.
PSigma is to close Tom Becket's £18m Dynamic Multi-Asset fund, taking the firm's range down to three funds.
Miton has appointed former J.P. Morgan Asset Management investment trust head David Barron as director of investment trusts and product strategy.
Psigma Investment Management is to acquire the private client business of AXA Framlington in September.