Miton buys PSigma Asset Management for up to £13m

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...