Charles Stanley has agreed to offload its FP Matterley Undervalued Assets fund to Miton Group for an undisclosed sum.
Both the firms will be contacting shareholders of the fund in order to communicate the detail and merits of the deal.
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The deal will see Miton Group taking over the investment management and ownership of the fund, which will now be managed by Miton’s managers George Godber and Georgina Hamilton, who previously served as co-managers on the fund at Charles Stanley.
The pair have also launched and managed the CF Miton UK Value Opportunities fund at Milton.
The fund was previously run by GLG Partners on a third party basis and managed by former Charles Stanley employee, Henry Dixon since the past 12 months.
The fund has returned 122% since launch in August 2008, about double the return from the UK All Companies sector and the FTSE All Share index, which have returned some 62% over the past six years.
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By GlobalDataHowever, Charles Stanley will continue to own and manage the remaining four Matterley funds.
Mike Lilwall, group director of Charles Stanley said: "In disposing of the fund to Miton Group Plc at this point, we can now concentrate our resources on our existing funds in the Matterley division and also provide capital for further fund launches."
Ian Dighé, chairman of Miton Group, said: "This move reunites our fund managers George Godber and Georgina Hamilton with a fund they helped to launch and manage from August 2008 to September 2012. Once approvals have been obtained, they will continue to manage the fund on a similar value-based philosophy."
