Edinburgh Fund Managers has lost the management contract of the £106m Edinburgh Worldwide Investment trust to Baillie Gifford following poor performance.
Gifford will assume management on December 2, with IFA Best Invest advising the trust's board in the interim. Its aim is to boost performance and reduce the 18 per cent discount to NAV at which the trust's shares currently trade.
Chairman David Coltman says: “it is our judgement that Baillie Gifford offers the best potential for enhancement of shareholder value. In addition to their expertise in managing global equities, we are particularly impressed by their commitment to the investment trust sector.”