Update: Miton shares slump 15% after 2015 profit warning

Miton Group expects adjusted 2015 profits to be "significantly less" than current market forecasts after seeing further outflows in the second half of this year.

In a trading update, the fund group said adjusted underlying profit for 2014 is likely to meet expectations, but warned on the outlook for 2015 as it continues to adjust to recent departures. Shares in the group were down 15% at 22.5p in early trading. The group said outflows from its multi-asset funds, run by David Jane since the departure of Martin Gray in June, have “moderated” but will nonetheless total around £310m in the second half of the year. The Miton Income fund - formerly known as PSigma Income - will see outflows of around £160m in the second half of the year, the grou...