Sale of Investment Manager

RNS Number : 4159Y

Midas Income & Growth Trust PLC

24 January 2014

 



24 January 2014

MIDAS INCOME & GROWTH INVESTMENT TRUST PLC

SALE OF INVESTMENT MANAGER

The Board has been advised by Miton Group plc, the parent of the Company's Liverpool based investment manager Miton Capital Partners Limited, that it has agreed, subject to FCA approval, to sell Miton Capital Partners Limited's business to Seneca Investment Managers Limited.  The business being sold manages the Company.

Seneca Investment Managers Limited is a member of the Seneca Partners Group ("Seneca"), an independent investment management and corporate advisory group for high net worth individuals and SMEs headquartered in Merseyside. 

Seneca has assured the Board that multi-asset mandates will be a core competence of its enlarged investment management business and that the Company will continue to be managed by its existing team of fund managers.  Seneca will add additional expertise and resources to its enlarged investment management business which will complement the Company's existing fund management team.  The Board believes that Seneca will provide the Company's fund managers with the support and resources that will enable them to continue to deliver the Company's much improved investment performance (which has been achieved with low volatility relative to its peer group) and to market the Company's qualities actively.  There will be no changes to the commercial terms of the Company's investment management agreement as a result of the transaction.

Enquiries

Richard Ramsay	Chairman	T: 07949 217 798
Sue Inglis	Cantor Fitzgerald Europe	T: 020 7894 8016
Alan Borrows	Miton Capital Partners Limited	T: 0151 906 2450

 

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