Miton Group, a fund boutique listed on the UK’s junior market, has agreed to buy PSigma Asset Management from actuarial consultant Punter Southall to create a firm managing £2.75bn.

PSigma manages £750m, according to the acquisition statement. Miton is making a down payment of £6.75m to buy PSgima comprising £5.25m in cash and £1.5m in shares. The PSigma team will receive a class of shares which will lock them into Miton until June 2015.