The firm cut its forecast for net fund flows, saying inflows were at a "significantly lower level'' than expected.

The fund manager, which was founded in 2001, changed its name from Iimia MitonOptimal after the purchase of Midas for about £100.3 million in February. The company posted annual net income of £1.6 million on 20 March, down from £11 million a year earlier.

Midas runs seven funds, with a total of £2.8 billion under management.