Seneca Asset Managers announced it is changing the name of the Midas Income & Growth Trust which it bought in March this year as part of its acquisition of Miton Capital Partners.

The new name - Seneca Global Income & Growth - it is hoped will emphasise the portfolios global remit. In addition, the trust has changed the investment management fee to 0.65 per cent per annum of market cap above £50 million ($85.7 million), as opposed to the previous flat rate of 0.9 per cent - the change took place at the beginning of this month.

The trust also announced results for the year ending 30 April with net asset value total return standing at 7.2 per cent and a share total return of 9.9 per cent. Net asset value per share was up at 143.82 pence compared with 139.44 pence for year ending 30 April 2013.

However, the firm warned that the economic outlook ahead is still far from secure.

“Western indebtedness and social and political tensions in Europe, Asia and the Middle East give pause for thought,” said Richard Ramsay, chairman at Midas.

“Five years of monetary stimulus have left most assets looking fully valued, while both equities and bonds have rallied further in recent months, something that suggests a degree of market confusion as to the prospects for growth and inflation.”