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12 Feb, 2008

Published: 07:45 Tuesday 12 February 2008
By: Charlie Parker, Investment Editor

Iimia MItonOptimal is acquiring Liverpool-based multi-asset fund management group Midas Capital Partners.

After the move the combined group is planning to keep the Midas name.

The merger which has been agreed with Midas' fund manager owners Simon Edwards and Alan Borrows will see arguably the two most successful niche multi-asset fund management boutiques merged together. It comes just months after the merger of Iimia and MitonOptimal.

To finance the acquisition Iimia MitonOptimal is proposing the issue of 27.5 million new shares as well as a payment of £59 million in cash, a sum which will largely go to Edwards and Burrows. The cash will be raised partly through the issue of a further seven million shares at 150p a share. The move values Midas at £100.3 million.

Edwards and Borrows will commit to support the combined group and will invest £20 million into the group's products as well as becoming substantial The combined group would have £2.9 billion invested in multi-asset strategies.

The chief executive of Iimia MitonOptimal Michael Philips said: 'We are excited about the future following the merger with Midas Capital Partners, one of the fastest growing fund management businesses in the UK. The merged group will be a leading multi-asset fund management company with one of the best resourced and most experienced investment teams operating in the UK.

Edwards said: 'We are delighted with the progress we have made since inception in 2002 which has been based on a simple business model and strong investment returns since launch.

'The merger with iimia MitonOptimal represents a new chapter in our history and provides an infrastructure which will enable a very strong investment team to focus on achieving good investment performance for clients. Our confidence in the investment products of the merged group is demonstrated by the Midas management team's commitment to reinvest a substantial proportion of the cash received, at least £20m, into these products.'

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