UK-quoted fund management firm Miton Group has reported a jump in assets under management of 73.5 per cent to £3 billion ($4.9 billion) in 2013, up from £1.8 billion in 2012, following its acquisition of PSigma.

UK-quoted fund management firm Miton Group has reported a jump in assets under management of 73.5 per cent to £3 billion ($4.9 billion) for 2013, up from £1.8 billion in 2012, following its acquisition of PSigma.

The firm said in a statement that adjusted profit before tax rose 20.5 per cent to £4.7 million, while net revenue increased 29.4 per cent to £15 million. Administrative costs, including share-based payments, increased by 33 per cent in 2013.

Profit before tax fell 22.2 per cent to £700,000, down from £900,000 in 2012. This includes exceptional operating expenses of £1 million relating to the PSigma acquisition and consequent group restructuring, Miton said.

The acquisition of PSigma brought in £749 million in assets under management, while Miton saw organic growth of £351 million in funds and investment trusts.

The firm said that the sale of the Liverpool fund business announced earlier this year was expected to be completed on 31 March.

“Over the past three years the group has decisively scaled up for growth with some of the most highly-regarded people in the industry joining the group. 2013 saw a step up in interest in our ‘Beyond the credit boom’ investment strategies which delivered significant organic growth,” said executive chairman Ian Dighé.

“As at 28 February 2014, total AuM stood at £3.2 billion. We have made a good start to 2014 and therefore look forward to a year of further progress,” he added.

In January, Miton Group said that it is selling its Liverpool fund management business to Seneca Investment Managers for £6.4 million. Seneca will pay £3.5 million on completion of the deal, plus around £1.9 million for net assets and a potential deferred payment of up to £1 million.

Miton said that following a detailed review of the Liverpool business, it had concluded that despite recent growth, there was less prospect of rapid growth of its assets under management compared with other parts of the group.