Financial firm announces £2.7m profits

Mar 21 2008 by Alex Turner, Liverpool Daily Post

FUND management firm Midas Capital has announced operating profits of £2.3m for 2007, despite what it described as a “difficult market background”.

The 10% growth in profits at the Water Street-based firm was achieved with a £13.4m turnover, preliminary results released yesterday showed.

The group became listed on the stock market after a reverse takeover of Iimia Miton Optimal by Liverpool-based fund management group Midas Capital Partners.

The Alternative Investment Market-listed firm now manages funds worth £2.8bn.

Michael Phillips, chief executive of Midas Capital, said: “The past six months have seen the group pursue its ambition to build a niche business group focused on the asset management sector.

“The market in 2008 looks set to pose challenges. However, I believe that our fund management division is now well placed to become one of the leading players in the multi-asset management sector.”

The fund management division is headed up by Simon Edwards, the former chief executive of Midas Capital Partners.

Before he set up the firm six years earlier he had been in charge of Merseyside Pension Fund.