The Board of The Edinburgh Investment Trust (EDIN) has announced that it has entered into an management agreement with Majedie Asset Management (Majedie), the company’s new Alternative Investment Fund Manager (AIFM), effective as of today, Wednesday 4 March 2020. The investment management agreement reflects the heads of terms announced on 11 December 2019, where EDIN decided to replace Invesco as manager (Mark Barnett was the lead manager). You can read more on this here and here.
Invesco Fund Managers Limited’s appointment as the Company’s AIFM and Company Secretary has therefore terminated. EDIN says there will be no other changes to the company’s service providers nor its gearing facilities.
James de Uphaugh (pictured), the company’s portfolio manager, commented: “Majedie’s investment process is founded on rigorous, bottom-up, fundamental research. We are confident that this approach is well suited to the next phase of the market cycle, particularly given the significant valuation opportunities available in UK equities. We are excited to take on the Edinburgh mandate and look forward to engaging further with shareholders as we implement our strategy.”
Glen Suarez,chairman of the EDIN, commented: “We are delighted that Majedie has now taken over the portfolio. We believe James has the skills and experience, coupled with the right total returns approach, to capitalise on the great opportunities currently available in the market. Majedie’s flexible investment approach and team culture, which clearly distinguished its offer during the selection process, should enable it to meet our objectives of capital appreciation and dividend growth over the long term.”
EDIN: Majedie officially takes over as Edinburgh Investment Trust’s new manager