Majedie Asset Management has had its valuation slashed by more than 20% in the past 12 months by its owner due to flagging performance and fee pressure. The news followed the announcement that the boutique investment company has won the £1.1bn Edinburgh Investment Trust away from Invesco stock-picker Mark Barnett.

Majedie, which manages £10.8bn and specialises in UK equities, is 17.2% owned by Majedie Investments, a £185m listed investment trust. The company’s shares account for 27.5% of the trust’s portfolio, with the remainder invested in various Majedie funds.