The board of the Edinburgh Investment Trust is set to appoint Majedie Asset Management as its new manager, following continued underperformance of the company under Invesco's Mark Barnett.
Under Majedie, the firm's CIO James de Uphaugh will serve as portfolio manager of the trust, which is looking to overcome more than three years of poor performance as a result of what the board described in a statement this morning as an "out of favour" investment style and stock selection issues. The agreement will see Majedie receive an annual management fee of 0.48% of the market capitalisation of the trust up to £500m and around 0.47% on amounts above £500m. This represents a significant reduction from the current levels of fees paid to Invesco of 0.55% of market capitalisation....
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