Midas Capital issues profits warning

Midas Capital has issued a profits warning in anticipation of continued slow inflows into its range o...

Midas Capital has issued a profits warning in anticipation of continued slow inflows into its range of funds in a backdrop of volatile markets and low economic growth. The group said its wealth management business had a difficult first quarter and although it has since traded in line with expectations, the forecast for the year to 31 December 2008 is likely to be lower than predicted. Michael Phillips, chief executive of Midas said: “It is unusual on long-term historic grounds to see a number of asset classes moving in the same downward direction. We specialise in multi-asset investing a...