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.”
Insight has addedPaul Dagger, John Humphries and Gareth McMaster to its intermediary sales team.
Schroders has appointed its third head of Japanese equities in three years after Andrew Rose stepped down from the role and returned to the UK. Rose has been replaced by Shogo Maeda but will cont- inue to run Schroders’ flagship Tokyo fund from the firm’s London offices. Rose returns for family reasons after taking over […]
West Bromwich Building Society has launched a Shariah-compliant child trust fund in several of its Midlands branches. The Shariah baby bond will be invested in shares listed on the FTSE Global Islamic Index with management of the bond will be supervised by a Sharia advisory board of scholars.
It seems anomalous that a business insurance arrangement that lacks bounteous intent should be caught by the Poat rules
According to Doug Rice, managing director of international services, in 2015, managing their international duty of care will become an increasing focus for UK-based overseas organisations in both managing their short- and longer-term challenges. As a result, strong independent advice and innovative technological solutions will become more important than ever in managing their global benefits.
- Top trends
- Top trends
News and expert analysis straight to your inboxSign up
Latest from Money Marketing
As the outlook for the UK’s economy remains uncertain, how can advisers prepare portfolios for any change in inflation? As higher inflation fails to appear on the horizon and wages grow faster than expected, fund managers are weighing up their portfolio moves for any potential changes in the economy. The UK consumer prices index rose […]
IFA directors Kevin and Cheryl Neal have been banned from being company directors by the Insolvency Service for six and four years, respectively. The married couple ran the now-defunct Hertfordshire-based Kevin Neal Associates Wealth Management. They were disqualified for taking assets from an insolvent company. The firm had been incorporated to take over the business interests […]
Hartley Pensions has bought the “untainted” assets of the Lifetime Sipp Company, which went into administration earlier this year. An update published today on the website of Lifetime’s administrators Kingston Smith & Partners says Hartley Pensions has also agreed to administer the tainted Sipps held by Lifetime Sipp. The administrator described tainted assets as those where […]