UK – Majedie Investments, the backer of the UK equity boutique Majedie Asset Management founded by former Mercury executives, is looking at developing a new fund management business.

“Our business development strategy has been evolving over several years,” Majedie said in its annual earnings report today. “Majedie Asset Management is the first implemented stage of that strategy and the business, specialising in UK equity fund management, is continuing to grow profitably.”

It added: “We are looking at ways of developing a new equity fund management business in another area of specialisation.

“Much has been learned from our experience and success with the Majedie Asset Management business and we believe that there is a valuable opportunity to build a new fund management operation over the next few years.”

Majedie AM was set up in 2002 by a group of fund managers from Mercury Asset Management (now Merrill Lynch Investment Management).

Its assets under management have now reached £2.3bn (€3.3bn) from £884m at the start of the year. Profit at the firm – which is now 55% owned by Majedie Investments – was £2.1m from a £0.6m loss before.

Majedie Investments reported a 38.2% total shareholder return for the year, with net asset value return at 31.2%.