UK - Majedie Investments has launched an asset management subsidiary, Javelin Capital, backed by launch capital of £4.5m.

The new entity, which will be 70% owned by Majedie, with the remaining shares divided among employees, will focus on global and emerging markets equities.

Gerry Aherne has been appointed chief executive; he is already a director at the parent company, as well as at Henderson Group, and in the past has worked at Schroders.

Other members of Javelin's senior management will transfer from Majedie, including Victor Pina as chief investment officer and Steven Asprey as portfolio manager.

Further, Nick Rundle, Majedie's current investment director, will move to the new company and lead the team in charge of managing Majedie's £148m worth of assets, which will be transferred to the start-up.

The company said it aimed to employ long-short and long-only investment strategies.

Andrew Adcock, chairman at Majedie, said the company was hoping to benefit from the launch as it did with its previous sponsorship of Majedie Asset Management.

"We are seeking to repeat that success with Javelin Capital and perceive there to be significant appetite in the market for an equity manager with the ability to produce positive-return, low-volatility products," Adcock said.