MAM Funds makes progress despite market headwinds
MAM Funds, the London-based fund management boutique, has reported net positive inflows of funds during the first six months of the year in the trading update for its half-year ended 30 June 2012.
The MAM board said in a statement that “trading is in line with its expectations”, despite the difficult market conditions that the fund management industry faced in the period.
As at 30 June 2012 the Group’s assets were £1.7bn (€2.2bn), an increase of £58m (3.5%) on the 2011 year-end position. This included net flows into the funds business in each of the first two quarters.
MAM saw inflows of £236m and outflows £202m.
Following the payment of the dividend in May, cash balances were £10.1m at the half year end (30 June 2011: £9.3m).
“We continue to invest in growth initiatives and our fund management platform, having scaled up our marketing capability during the period,” MAM said.
Ian Dighe, executive chairman of MAM Funds, said: “MAM has had a busy first half. I am particularly pleased that since the half year end, investors have increased their support of the Diverse Income Investment Trust PLC with a C share issue following on from its April 2011 IPO, taking the Trust to in excess of £80m.
“We have increasing confidence in the quality of our platform and our ability to grow the Group.”
MAM Funds is a leading multi-asset fund management specialist, incorporating Midas Capital Partners and Miton Asset Management fund brands. Both companies are wholly owned subsidiaries of MAM.
Founded in 2001, MAM is the trading name of Midas Capital Partners and Miton Asset Management, specialist global asset allocation boutiques under the investment direction of Gervais Williams.
In 2004, MAM joined the Alternative Investment Market of the London Stock Exchange. Members of the fund management team invest in their own funds and are significant shareholders in the group.