MAM Funds expects its adjusted profit for the year ended 31 December 2011 to be materially ahead of current market expectations driven by revenue ourtperformance and cost control.

Amortisation is expected to be in line with prior years, while exceptional items are expected to include GBP1 million in respect of restructuring costs.
 
Funds under management at 31 December 2011 were unchanged over the year at GBP1.7 billion. The strong sales of Miton funds in the second half of the year were largely matched by expected redemptions from Midas funds. In addition, in a difficult market environment the successful launch of the Acuim UK Multi Cap Income Fundattracted over GBP10m during the final quarter. 
 
2011 was a year of restructuring and reinvestment with a GBP20m equity issue, repayment of all long term borrowings and establishment of a new experienced management team with upgraded marketing and distribution capability. The Group starts 2012 with a higher level of annualised costs - the impact of which is expected to be offset by higher revenues from modestly increased funds under management within the context of prevailing market conditions.
 
The Group was cash generative during the year with net balances at the year end rising to GBP9.9million.
 
The Board expects to announce the Group’s preliminary results for the year ended 31 December 2011 on 27 March 2012.