Miton buys PSigma Asset Management for up to £13m

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Miton Group plc, the AIM quoted fund management company, has announced the acquisition of the entire issued share capital of PSigma Asset Management

The acquisition from Punter Southall Group is expected to complete on 3 July 2013. The consideration will be a mixture of cash and ordinary shares in Miton and will be between £6.75m and £13m dependent upon the scale of PSigma's assets under management retained in two years' time. The initial cash consideration of £5.25m payable upon the date of completion of the acquisition will be funded from Miton's internal cash balances. PSigma's total assets under management were £750m on 30 June 2013 with UK Income mandates representing some 91%. The PSigma franchise is built upon Bill Mo...

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