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Edinburgh Investment Trust said it replaced its investment manager after reporting 'very disappointing' results as first-half returns fell well short of benchmark returns for the third year in a row.
For the six months to 30 September, net asset value (NAV) total return fell 3.1%, well short of the FTSE All-Share Index, the company's benchmark, which returned 4.6%.
The company blamed the weaker returns on the challenging backdrop facing UK domestically orientated companies, some particular stock specific challenges, and also the consequences of a large forced seller in the UK equity market.
This represented an underperformance of 7.7% against the benchmark and followed underperformance against the benchmark in each of the past three financial years.
'This is another very disappointing set of results,' Edinburgh Investment Trust. 'The board has decided to replace Invesco as investment manager and has today announced that it has entered into heads of terms for the appointment of Majedie Asset Management as the company's new investment manager,' it added.