By Alexandra Capik
Miton Group, the asset and equity fund firm based in Reading, said its acquisition of PSigma Asset Management has resulted in £3.1 billion ($5.1 billion) in AuM.
The acquisition brought about an asset gain of £749 million solely from the deal with PSigma, and an additional £351 million from organic growth on Miton’s existing funds. Altogether, there was a reported 73.5% asset rise resulting from the acquisition.
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The group’s net revenues rose by 29.3% in 2013, reaching £15 million. However, pre-tax profits fell by 22.2% in 2012, from £900,000 to £700,000. Meanwhile, £1 million of exceptional costs resulted from the PSigma deal, slightly weighing down profits.
Cash generation from operations reached £5.5 million last year, rising 52.8%. Total cash balance fell 6.7% to £11.2 million, the group reported.
The promising results have prompted Miton Group to focus on attaining growth organically. However, Miton Group’s managing director, Gervais Williams, said the management has no plans for future deals despite the signs of high cash levels.
Miton Group previously announced the sale of its Liverpool office. The sale is set to be completed on March 31, 2014.
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