British fund manager Miton Group has acquired PSigma Asset Management from Punter Southall Group for up to £13 million.
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PSigma Asset Management, which is a wholly owned subsidiary of Punter Southall Group, owns two regulated subsidiaries: PSigma Unit Trust Managers and PSigma Asset Management.
As on 30 June 2013, PSigma’s total assets under management were £750 million with UK income mandates representing some 91%.
Ian Chimes, PSigma’s managing director, will head up Miton’s enlarged UK sales and marketing operation, while the role of Bill Mott, Psigma’s fund manager, and his team will remain unchanged.
Ian Dighe, executive chairman of Miton Group, said: "Bringing Bill Mott and his team together with Miton is a significant step forward to the benefit of our joint client base, particularly in the UK Equity Income sector.
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By GlobalData"Both businesses have distinctive and forward-looking investment strategies. With combined assets under management of £2.8 billion, we will have an even stronger platform to accelerate the growth of our business," added Dighe.
