Miton Capital Partners was renamed Seneca Investment Managers in the wake of the deal. The managers of the fund will remain the unchanged, as Alan Borrows and Simon Callow, together with their Liverpool team continue in their roles.
Previously Midas Income & Growth, the newly proposed trust name is Seneca Global Income & Growth Trust, a new title that seeks to emphasize the global remit of the fund.
The investment management fee was also under discussion, according to a statement by the trust. The proposal set out to reduce to the fee to 0.65% per annum of market capitalisation above £50m and remain at 0.9% up to that level. Previously, it was at a flat rate of 0.9%. This change took effect from 1 July 2014.
Net asset value of the trust’s total return stood at 7.2% for the year ending 30 April. Meanwhile the share price was pegged at a total return of 9.9%. Year-on-year, the dividend saw a 3.2% increase to 5.42p.
On 1 April, the FCA gave its stamp of approval on Seneca Investment Managers’ takeover of Miton Capital Partners, a division of Miton Group.
