UK – Majedie Asset Management, the investment company established by five former Merrill Lynch Investment Managers employees, has won its first institutional mandate.

Honda UK has appointed Majedie to run an 11 million pound (15.7 million euro) specialist UK equity mandate – Majedie AM’s first pension fund mandate win.

The assets are managed as part of the UK equity service, which aims to outperform the FTSE All-Share Index by 2% per annum.

Honda Motor Europe company secretary, David King, said the trustees were impressed by the team’s performance record. The Majedie Asset Management investment team worked together for eight years in the Alpha team at Merrill Lynch Investment Managers, and there produced top quartile performance over three, five and seven years.

Majedie AM was established last year, and is 70% owned by Majedie Investments PLC. It specialises in UK equities, primarily for pension funds and charities. The four fund managers are James de Uphaugh, Chris Field, Rob Harris and Adam Parker.