Midas and iMO reveal plan for merger

Midas Capital Partners and iimia MitonOptimal (iMO) have announced a proposed merger to create a business with combined assets under management of about £3 billion.

Under the terms of the proposal, which is subject to shareholder approval, iMO will acquire the entire listed share capital of Midas for £100.3m.

At present, Midas runs three multi-manager funds, against iMO’s nine funds. Simon Edwards, chief executive of Midas Capital, will take on the role of managing director in the combined group and head the fund management division.