View more on these topics

Bank of Scotland takes 20% stake in Midas

Bank of Scotland, part of the Lloyds Banking Group, has taken a 20 per cent stake in Midas Capital, after its debts to the bank reached £36.5m.

Subject to shareholder approval, a further £14m will be converted into cumulative redeemable preference shares and £12m into a new senior debt facility.

A management restructure will see chief executive Simon Edwards step down from the Midas board and take up his previous position as chief executive of Midas Capital Partners Limited. He will focus solely on managing Midas’ fund management activities.

Anthony Moore has been appointed director and chief financial officer of the company.

Midas executive chairman Colin Rutherford says: “We have reached a constructive outcome with BoS and we are pleased with their long term support for Midas.

“The capital structure of the business will be stabilised under these proposals and our key teams can focus fully on investment performance and customer service in a more stabilised working environment.”

Recommended

PriceWatch widens scope to rate pension wrappers

Skandia is extending the coverage of its platform comparison tool PriceWatch to include pension wrappers.PriceWatch compares the cost of Isas and unwrapped funds offered by Standard Life Wrap, Cofunds, Nucleus, Transact and Funds Network.From the end of June, the tool will allow advisers to compare the charging structures of different pension wrappers that are available […]

Adviser Fund Index

Gains from currency swings are a welcome bonus but playing foreign exchange movements is usually not part of funds’ investment strategy, according to Adviser Fund Index panellists.“The majority of recent global returns were because of currency movements and not because of the fund’s performance,” says Hillary Coghill, chief investment officer at City Asset Management. “Japanese […]

Wizard conjures up exam deal

Wizard Learning has developed a practice exam package covering the advanced diploma subject AF5 financial planning process.The package consists of three practice exams, with one that can be submitted to a qualified tutor for marking and feedback.Wizard Learning is an online training site run by chartered financial planner Mike Goldsmith. He says: “The subject areas […]

Green gauge

Are we seeing a hint of green? I am not referring to St Patrick’s Day, albeit the excuse to have another Guinness is always good news. It is, of course, “shoots” that I am referring to but I still can’t bring myself to say the phrase in full as there is a danger that I will be shot down by the press and even colleagues in the industry.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com