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Midas chief hints at fund mergers

Midas chief executive Simon Edwards says the company is likely to merge one or two of its funds following its proposed deal with Iimia MitonOptimal.

Edwards, who will become managing director of the merged business, does not disclose which funds would be realigned but says the move would not result in any fund manager redundancies.

Iimia MitonOptimal announced plans to acquire Midas Capital Partners earlier this month for 100.3m. The deal would result in a multi-asset offering valued at 2.9bn.

However, the deal would see the merged group holding numerous funds in the cautious and balanced sectors of the market.

Edwards says: “We have made no cast-iron decisions on the full fund range as yet as it is something we will be reviewing with a blank sheet of paper.

“These mergers are likely to take place in the next couple of weeks but the important thing to realise is that there will be no redundancies as we look to establish a strong position in the market.”

Hargreaves Lansdown investment manager Ben Yearsley says: “They may have a number of funds in those sectors but they are all fundamentally different so it is not a huge problem for them.”

Investment, p40

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