Miton Group has bought Psigma Asset Management from Punter Southall in a deal worth up to £13 million (€15 million) that will give the company a significant UK income investment capability.
The deal value will depend on Psigma's assets under management retained in two years' time and be paid in cash and shares. Psigma currently manages £750 million of assets while Miton Group manages £2 billion.
The Psigma business was largely built by UK income funds run by Bill Mott and Ian Chimes. Mott will retain his current role and team while Chimes will become head of Miton's enlarged UK sales and marketing operation.
“With combined assets under management of £2.8 billion, we will have an even stronger platform to accelerate the growth of our business,” says Ian Dighé, executive chairman, Miton Group.
Miton Group claims the acquisition will significantly increase earnings in 2014.
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