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(Sharecast News) - Majedie Investments confirmed on Friday that its investment manager, Marylebone Partners, was in advanced discussions to join Brown Advisory, an independent investment management and strategic advisory firm.
The London-listed firm said the proposed transaction remained subject to regulatory approval and due diligence.
Majedie said it saw the potential deal as a positive development for the company and its shareholders.
The existing Marylebone team was expected to transition to Brown Advisory, and would manage Majedie's portfolio following completion.
Its board added that it did not expect any material impact on the company's net asset value from its interest in Marylebone Partners, and said it would ensure that the alignment between the manager's interests and those of shareholders was maintained.
Further updates would be provided in due course, the board said.
At 1043 BST, shares in Majedie Investments were up 1.64% at 248p.
Reporting by Josh White for Sharecast.com.
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