Majedie Asset Management, the UK equities specialist boutique, saw funds under management rise 61% in the year to the end of September, enabling its employees to increase their stake in the business under an agreement which allows them greater ownership if profits rise.

Majedie registered assets of £3.7bn (€5.5bn) in the 12 months to September 30, and has comfortably exceeded a five-year target, set when it launched in 2002, to grow funds under management to £1bn.