Will MAM director have Midas touch?

‘Retirement,' has replaced ‘spending more time with the family' as the euphemism for leaving high-profile jobs.

Midas’ Simon Edwards is the latest to use the expression as he leaves the group he helped found with Alan Borrows in 2001. The last two years have been difficult for Midas and have higlighted two of the enduring problems of asset management. One of the problems is paying too much for businesses using too much debt and the other is whether fund managers can be successful managers of businesses. Midas funded much of its acquisitions of Miton and iimia with debt, paying up to 9% of funds under management, a price close to what Prudential paid for M&G. There is always an irony when ...