The Board of The Edinburgh Investment Trust plc (the “Company”) is pleased to announce that it has entered into an investment management agreement with Majedie Asset Management Limited (“Majedie”), the Company’s new Alternative Investment Fund Manager (“AIFM”), effective as of today, Wednesday 4 March 20201. The investment management agreement reflects the heads of terms announced on 11 December 2019.
The Board is also pleased to announce that it has appointed PraxisIFM Fund Services (UK) Limited (“PraxisIFM“) as the Company’s new Company Secretary, following a competitive process. This appointment has also become effective as of today, Wednesday 4 March 2020.
Invesco Fund Managers Limited’s appointment as the Company’s AIFM and Company Secretary has therefore terminated. There will be no other changes to the Company’s service providers nor its gearing facilities.2
A further update on the Company’s portfolio following its transition is expected to be published before the end of March.
James de Uphaugh, 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 Company, 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.”
The Company wishes to again place on record its appreciation for the service provided by Invesco as AIFM and Company Secretary since 2008.
The Edinburgh Investment Trust plc
Glen Suarez (Chairman) via Tulchan below
Investec Bank plc
Tom Skinner +44 20 7597 4000
Tulchan Group (Financial PR)
Simon Pilkington +44 207 353 4200
Lisa Jarrett-Kerr EIT@tulchangroup.com
1 As required under the UK’s AIFM rules, Majedie will notify the FCA promptly following its appointment as the Company’s AIFM and has submitted its application to the FCA to vary its permission from being a small authorised AIFM to a full-scope AIFM.
2 The Company’s website address remains edinburghinvestmenttrust.com.
Notes to editors
PraxisIFM Fund Services (UK) Limited forms part of PraxisIFM Group Limited (“PraxisIFM”), an independently owned financial services group which listed on The International Stock Exchange on 12 April 2017. PraxisIFM currently employs over 550 staff across its office network providing a range of bespoke services to funds and management companies. For further information please visit the website: https://www.praxisifm.com/