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Vote of confidence for newly christened Seneca Global Income & Growth Trust plc

30 September 2014

Shareholders of the Midas Income & Growth Trust plc have voted to rename the £57 million Trust and given their full backing to the investment manager, the Liverpool-based Seneca Investment Managers.

The Trust, which holds a diverse range of global assets, has changed its name to Seneca Global Income & Growth Trust (TIDM:SIGT).

The rebrand comes after a year of strong performance for the Trust, and a narrowing of the discount at which its shares have traded relative to their underlying net asset value. This reflects the growing demand for shares in the Trust. Shareholders also backed the continuation of the investment strategy led by the trust’s two seasoned fund managers, Alan Borrows and Simon Callow, who between them have 52 years of investment experience.

Their approach is currently delivering a dividend yield of 4%, and the trust aims to increase the dividends paid while also offering the potential for capital growth with less volatility than the market as a whole. Central to that strategy is a concerted drive to increase the size of the Trust.

David Warnock, Chairman of Seneca Investment Managers, commented:

“Both the Trust’s board and Seneca’s talented investment management team are committed to an ambitious programme of growth for the Seneca Global Income & Growth Trust plc.

“While our consistently strong investment performance has cemented our position as a compelling specialist to UK-only funds, we have also reduced the Trust’s investment management fees. In due course, we will seek to broaden our appeal even further by adopting a discount control policy*.

“Ours is a highly competitive industry, and we are determined to both retain existing investment and attract substantial new inflows through a combination of continued strong investment performance and attractive fees.”

Notes

*Discount control policies have a number of purposes but specifically serve to reduce volatility and keep the trust’s share price close to its net asset value.


Seneca Investment Managers is the investment manager of the Seneca Global Income & Growth Trust plc and is authorised and regulated by the Financial Conduct Authority. FP14/63.

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Seneca Investment Managers Limited purchase Miton Capital Partners Limited

31 March 2014

Seneca Investment Managers Limited has today completed the acquisition of Liverpool-based Miton Capital Partners Limited, a division of Miton Group plc.

The fund management firm has been renamed Seneca Investment Managers Limited, in an acquisition that represents a key building block for Seneca Partners Group. The purchase has added a profitable and successful fund division to the group’s UK asset management and corporate advisory operations.

The funds included in the acquisition are:

1. CF Seneca Diversified Income Fund
2. CF Seneca Diversified Growth Fund
3. Midas Income & Growth Trust plc

The funds’ successful investment management team will all remain in place, overseen by new CEO, Stuart Eaton. In future Seneca Investment Managers Limited will add additional expertise and resources to the existing team in order to drive further growth. The two OEICs will also be rebranded shortly to reflect their new ownership.

The acquisition will disrupt neither investors, nor staff, and the business’s multi-asset investment pedigree will be strengthened. Seneca Partners is headquartered in Merseyside, and this geographical proximity will ensure the firm’s new owners are able to give Seneca IM the support, resources and direction needed to ensure it continues to flourish.

Stuart Eaton, CEO of Seneca Investment Managers Limited, commented: “Miton Capital Partners Limited was a perfect fit for us – strategically, logistically and geographically. We had wanted to expand our asset management operations in order to offer a more holistic proposition to our clients; and the funds and experience we have acquired enable us to do just that. With the acquisition of this profitable and proven business, we now have the foundations in place to build the Seneca brand and realise our broader goals for our clients and the group.

“The fund management team share our vision for the new company, and are excited at the opportunities that Seneca’s expertise and proximity will bring to the business.”

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Jon Moulton backs Seneca Investment Managers

18 March 2014

Jon-Moulton

Seneca Investment Managers, the new fund management firm within the Seneca Partners Group, today announced that Jon Moulton, via his family office, Perscitus Advisers, has acquired a significant minority shareholding in the company.

The investment by Moulton, founder and managing partner of the private equity firm Better Capital, is a considerable coup for the newly formed Seneca Investment Managers — and confirms its potential.

In late January, Seneca Investment Managers acquired – subject to FCA approval – Liverpool-based Miton Capital Partners, a profitable and successful fund division of Miton Group.

The funds currently managed by Miton Capital Partners are: CF Seneca Diversified Income Fund; CF Seneca Diversified Growth Fund; and the Midas Income & Growth Trust plc.

Jon Moulton, Founder, Better Capital, commented:
“Seneca Investment Managers is a firm with a huge amount of upside potential. Under Stuart Eaton’s leadership, I have no doubt that an already successful fund management team will go from strength to strength. We have a lot planned for the new company and are backing it to become a major force within UK financial services.”

Stuart Eaton, CEO, Seneca Investment Managers, added:
“For someone of the calibre of Jon Moulton to invest in Seneca Investment Managers suggests that our vision for the company is on the right track. Seneca Investment Managers is not simply about offering a more holistic proposition to our existing clients but building a challenger brand in the broader UK fund management sector.”

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Aberforth’s Co-Founder, Warnock joins Seneca Investment Managers Limited

24 February 2014

David-Warnock

Seneca Investment Managers Limited, which recently acquired Miton Capital Partners Limited, has named David Warnock as chairman.

Warnock co-founded Aberforth Partners, retiring from the group in 2008 after a 19 year tenure. Prior to that he worked at Ivory & Sime plc for four years and, before that, he was at 3i Group for seven years, the last four of which were in Boston, USA. He is also chairman of the Troy Income & Growth Trust.

Stuart Eaton, Seneca’s chief executive officer, said: ‘David is one of the most recognised people in the industry and it is a real coup to have him on-board.

‘Our goal is to turn Seneca Investment Managers into a leading brand within UK financial services and his experience, expertise and contacts will certainly make that a lot easier to achieve.”

Warnock added: ‘I am both privileged and excited to have been offered the role of chairman. Stuart has big plans for Seneca Investment Managers and my role will be to help those plans come to fruition in the years ahead.’

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