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Midas C-share issue bids for up to £35m

Fund-raising venture for hybrid multi-manager investment trust

Multi-manager boutique Midas Capital is planning to raise £20m-£35m in new funds for the Midas income & growth investment trust through a C-share issue.

The Liverpool company is expected to announce details of the offering in the next couple of weeks.

The investment mandate for the trust, formerly known as the Taverners Trust, was taken over by Midas from Aberdeen Asset Managers in August last year. Until then, the trust had focused on the restaurants, pubs and breweries sub-sectors of the broader hotel and leisure sector but after a poor run of performance its investors voted for a wider remit.

Midas has applied its hybrid multi-manager style, enabling the trust to invest direct in equities, such as Tesco, while also holding funds, such as the Schroder strategic bond portfolio.

Midas has also made its open-ended funds, CF Midas balanced growth and CF Midas balanced income, available to IFAs through Lifetime’s The Bigger Picture wrap service. The Bigger Picture provides an investment and asset management service enabling IFAs to access all their client’s investment through a single website.

Midas Capital head of business development Nigel Thomas says: “We are preparing to offer shares in the investment trust that we manage and a formal offering is expected in the next couple of week. We have also found that more and more IFAs want to access Midas funds through life companies, fund supermarkets and wraps like The Bigger Picture. We pay attention to distribution arrangements with third parties but in the end it is about demand from intermediaries. Our policy is to ensure IFAs can access Midas however they choose.”

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