Rundle to run Majedie Investment trust

Nick Rundle, former manager of the Taylor Young Equity Income fund, has joined Majedie Investments.

Rundle joins Majedie as an investment director and will manage Majedie Investments, an income-oriented investment trust which has around £157 million under management.

Speaking to Citywire, Rundle said: 'I will look after the overall investment trust. The key thing is the trust has quite a demanding yield target so coming from Taylor Young where I managed their income fund is a natural progression. I will focus on income-generating stocks with long-term safe dividends and good growth prospects.'

The trust is currently trading at 181.5p at a 20% discount to par value with a yield of 5.7%.

Rundle worked at Taylor Young on the private client side and ran the £13.2 million CF Taylor Young Equity Income and £18.3 million CF Taylor Young Growth funds for which he was formerly AA-rated by Citywire. Chief investment officer Peter Thomson has taken over management of both funds. 

Over the 29 months that Rundle was eligible for a Citywire rating, he received a rating 55% of the time, equating to 16 months.

Over the three years to the end of October, he posted a 14.1% loss on the Growth fund, compared to a 7.9% fall by the FTSE All Share index, according to Lipper.

The Equity Income fund fared better, posting a 5.3% fall against the 15.1% decline in the FTSE 350 Higher Yield index over the same period.

The maximum drawdown over the three years on the Income fund was -39% and -51% on the Growth fund.

Prior to joining Taylor Young, Rundle worked at Gerrards and also enjoyed a stint at Morley Fund Management, where he was head of client account management.