UK – A group of former fund managers at Merrill Lynch Investment Managers have launched a new specialist fund management company, Majedie Asset Management, to focus on the management of UK equities for pension funds and charities.
The new company, which is 70% owned by Majedie Investments plc, comprises four fund managers: James de Uphaugh, Chris Field, Robert Harris and Adam Parker. All four worked together as fund managers with MLIM’s Alpha team for seven years, managing over five billion pounds of UK equities for pension funds and unit trusts.
Simon Hazlitt and Rob de la Mare, also former employees of MLIM, take on the roles of business director and administration manager for Majedie AM respectively.
Says managing director de Uphaugh: “Our initial meetings with pension fund consultants have been encouraging. We have a clear aim: simply to make money for our clients. We just do UK equities and we stand or fall by our UK equity record.”
Today sees the launch of Majedie AM’s initial four funds. In terms of investment approach, the fund managers will first apply a top-down technique reviewing UK and global growth. The team will then look for companies whose stock market value if far below their real, industrial or long term worth, and where a “catalyst that will narrow the gap has been identified.”
Majedie Asset Management received regulatory approval from the Financial Services Authority last December, and is targeting assets under management of one billion pounds over five years.