Gervais Williams joins MAM Funds
MAM Funds, the recently rebranded Midas Capital and Miton Asset Management, is looking to raise £20m in extra capital, and is strengthening its management team with the hire of Gervais Williams.
Williams, formerly the head of UK small companies at Gartmore, joins as managing director, while Graham Hooper become distribution director and Ian Dighé becomes executive chairman.
The AIM-listed firm is planning to raise up to £20m in new equity at 33p per share, and intends to repay its existing preference shares and outstanding debt. Of the total amount of £20m, the new management team expects to invest £3m of their own money.
The proposals are subject to approval.
Williams spent five years with Throgmorton Investment Management (later part of the Framlington Group), and 17 years with Gartmore where, as head of UK small companies, he headed a team responsible for managing £900m of assets.
Dighé was formerly director of the Gartmore Growth Opportunities trust and Artemis Alpha trust, and was involved in forming Matterley. Graham Hooper, a non-executive director of Liontrust, has formerly worked for Chase de Vere.
Colin Rutherford, chairman and CEO, says MAM has undergone a significant turnaround. “Non-core businesses have been divested and the focus is now firmly on fund management.
“We now have a stable platform and with the proposed new equity investment and the addition of new management of the calibre of Gervais Williams and his colleagues, the business is well placed for the next stage of its development.
“These proposals mark a watershed for MAM Funds as we move firmly out of reconstruction mode, having maintained our quoted status, and towards operating with a planned debt-free balance sheet.
“In handing over to the new team, I would like to pay tribute to the support of Lloyds Bank, all staff at MAM Funds, our customers and stakeholders for their support through the reconstruction phase.”
He now intends to step down from the board.
Dighé adds: “We believe the proposed transaction heralds the beginning of a new phase for the growth and development of MAM Funds. There is a significant market opportunity to build a leading fund management business and we believe that a new management team and strengthened capital base will provide the foundation for MAM Funds to exploit this opportunity.”