Majedie Investments is to close its emerging markets boutique and switch assets into the separate Majedie Asset Management (MAM) business.
The board of the investment trust has appointed MAM to run the vast majority of the £164.5m asset base with immediate effect. Javelin Capital, which had run £29.5m of Majedie's assets in its EM Alpha fund, will be wound up. That allocation will be switched into MAM's long/short Tortoise fund, while Majedie will also transfer its core portfolio to MAM. Accordingly, the company will invest £81m into a segregated portfolio to be run in line with MAM's UK Equity fund, and £18m into the business' UK Income fund. The trust also intends to invest £10m into MAM global equity funds "in due ...
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