Asset management firm Miton boosts fund manager pay by 71 per cent
Boutique asset management firm Miton boosted fund manager pay by 71 per cent last year, the London-headquartered company announced today.
Fund managers saw their bonuses and rewards pay soar to £5.8m in 2018, while employees saw fixed compensation, including salaries, pensions and national insurance payments, rise by three per cent to a total of £6.9m.
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Shares in the AIM-listed asset manager were up more than 11 per cent after the firm revealed it had more than doubled inflows last year.
Net inflows increased by 106 per cent from £494m in 2017 to £1bn, the firm announced in its full-year results this morning.
Profit before tax was £8.9m, an increase of 43 per cent on the previous year driven by boosted assets under management, which were up 14 per cent from £3.8bn at the beginning of 2018 to £4.37bn at the end of December.
Miton chief executive David Barron said: “2018 was a year of positive progress for Miton. Record net flows of just over £1bn demonstrated the appeal of strategies that are genuinely active.
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“We have continued to broaden the business as evidenced by the strong growth in our newer funds.
“Overall, the strength of our strategies, the effectiveness of our distribution and our scalable platform, supported by our robust financial foundations, give us confidence in Miton’s future.”