Miton buys Psigma AM in deal worth up to £13m; Mott role unchanged

Miton, the AIM-quoted fund management group, has announced the acquisition of Psigma Asset Management in a deal worth up to £13m.

The purchase from Punter Southall Group has been approved by the FSA and 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 depending on the scale of Psigma's assets under management retained in two years' time. An initial cash consideration of £5.25m, payable upon the date of completion of the acquisition, will be funded from Miton's internal cash balances. The deal is expected to be significantly earnings enhancing in 2014 and will create a group with combined AUM of £2.8bn. The P...