Mark Barnett sacked as manager of £1.3bn trust

Majedie runs a global investment trust, and has an open-ended UK equity fund, which is £2.6bn in size. 

The fund is jointly run by Mr de Uphaugh, who is chief investment officer at Majedie. The fund is among the bottom 25 per cent of funds in the IA UK All Companies sector over the past one, three and five years. 

Majedie will not receive a management fee for the first three months.

Mr Suarez said: "The board believes that James has the right approach to meet our company’s objectives of capital appreciation and dividend growth over the long-term."

Mr de Uphaugh added: "Majedie’s long-term, flexible investment approach, incorporating a commitment to responsible capitalism backed by fundamental analysis, is well suited to an investment trust that seeks total returns from both income and capital growth." 

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