View more on these topics

Midas and Miton in £2.9bn multi-asset marriage

Iimia MitonOptimal is to merge with Midas Capital in a move the firms claim will create the biggest multi-asset manager in the market.

The newly merged firm will take the Midas Capital brand and will be listed on the Alternative Investment Market.

The deal comes only six months after the merger of Iimia and Miton Optimal.

Midas Capital has been valued at £100.3m, to be paid through the issue of 27.5 million new shares and a cash payment of £59m to Midas shareholders.

Midas Capital co-founder Simon Edwards will become managing director of the merged business, which is expected to have £2.9bn invested in multi-asset offerings.

Iimia MitonOptimal chief executive Michael Philips will be chief executive of the new firm.

Edwards says he and other shareholders will put £20m of personal money into the group’s offerings. He says: “This has been on the cards for a little while and we feel it is a great deal for those concerned, with the cultures between the two firms representing a good mix. There will be some overlap in funds which will be addressed but it is the next step in offering a well resourced and experienced fund management team.”

Recommended

Neptune star warns of pressure on banks

Neptune star manager Robin Geffen’s call for investors to sell their exposure to banks which do not cut their dividends this year has divided advisers and fund managers.Geffen, who runs the £562m Neptune income fund, told the Unique Boutiques conference in London last week that financials will be the big call this year, with many […]

‘120Bn blow’ to deficits in pension funding proposals

Pension experts are warning that proposed radical changes to pension fund calculations from the Accounting Standards Board could have damaging implications for defined-benefit schemes.The proposals may force companies to use more conservative measures to calculate the value of their future pension fund liabilities.Aon Consulting calls the proposals “another dagger in the side” of final-salary pensions […]

Bestinvest offering white-label call centre deal for small IFAs

Bestinvest is to offer adviser firms a white-labelled version of its discretionary management service and use of its call centre to deal with clients’ basic advice needs.Chief executive Andrew Barnes says the company’s model is strong enough to take on the added scale and says he is willing to talk to all firms and not […]

US IFA Focus acquires Greystone Financial Services

US independent wealth management firm Focus Financial Partners has acquired UK-based Greystone Financial Services.The deal, for an undisclosed sum, is Focus’ first international venture and will bring in over 5,000 high net worth clients and the equivalent of around £820m of client assets. It will complete on April 1, 2008. Greystone, with offices in London […]

Industry under fire over pension freedoms

By Jamie Clark, Business Development Manager, Royal London Recent articles in the media have raised concerns about the new pension freedoms. One perceived problem is that across the industry, trustees and providers are not necessarily allowing people to take full advantage of the pension freedoms in situ. This is backed up by a recent survey by […]

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