Neil Woodford’s fund manager protégé Mark Barnett was fired as the manager of a £1.3 billion investment trust on Wednesday after another bad year of performance proved the final straw.
The board of the Edinburgh Investment Trust will replace Barnett, who works at Invesco Perpetual, with a team at Majedie led by chief investment officer James de Uphaugh.
The Edinburgh fund lost 3.1% in 2019, the board said on Wednesday, versus a 4.6% gain for the FTSE All-Share.
“I am disappointed by another weak result for the company in today’s interim results, extending the period of underperformance to beyond three years,” said chairman Glen Suarez.
Barnett’s close ties to Woodford — they worked side by side during Woodford’s stunning run at Invesco — cast a pall over Barnett after his mentor’s fall from grace this year.
The duo share similar investment styles, with Barnett also buying into unquoted biotech shares.
Barnett has suffered terrible performance, with his £9 billion funds down between 1.6% and 3.8% this year leading to a ratings downgrade by analysts.
Last month Invesco reduced Barnett’s grip on the UK equities division, appointing a co-head Martin Walker to help run the unit.
The Edinburgh trust was managed by Woodford before Barnett took the reins when Woodford left to run his doomed fund management empire in 2014.
