The fund suffered £423m in redemptions during the first half of the year after the resignation of George Godber and Georgina Hamilton.
Though Miton swiftly replaced the pair with EdenTree’s Andrew Jackson, the fund’s initial outflows coupled with market volatility immediately after the EU referendum reduced the group’s Q1 £3.03bn assets under management to £2.5bn by the end of the period.
While redemptions from the UK Value Opportunities Fund were to blame for the lower total AUM and loss of assets in the firm’s equity fund division, Miton’s multi-asset funds did not fare much better. After £17m in outflows, its multi-asset funds only accumulated an additional £1m over six months, taking the total to £478m.
The firm’s AUM has subsequently grown to £2.7bn as of 31 August 2016, however.
And Miton reiterated that its most recently launched product, the CF Miton European Opportunities Fund, has grown to £71m between December 2015 and 31 August 2016.
In spite of the hits from its UK value fund and post-Brexit vote volatility, Miton posted significant profits growth, ending the period at £3.1m compared with £0.8m from the previous year.
News of Miton’s surge in pre-tax profits propelled its shares on the AIM upward by 18% to 30.7p during initial trading on Thursday before stabilising to 28.5p later in the morning.
The group also ended the period with £17.4m in net cash on hand and no long term debt.
Miton’s executive chairman Ian Dighé commented: “Since the half year end we have regained asset growth momentum, most pleasingly in our multi-asset fund range through a combination of inflows and performance. "Our focus remains on continuing to grow assets by delivering distinctive active management of our funds, whilst keeping a tight control of costs. Overall, we have confidence in the outlook for the year as a whole."