This
announcement contains inside information as defined in Article 7 of
Regulation (EU) No 596/2014 on Market Abuse (as it forms part of UK
law by virtue of the European Union (Withdrawal) Act
2018).
WITAN INVESTMENT TRUST
PLC
Review of Investment
Management Arrangements
18 March 2024
The Board of Witan Investment Trust
plc ("Witan") has been informed by Witan's CEO, Andrew Bell, that
he intends to retire from his current role during the coming
year.
The Board has decided to take this as
an opportunity to conduct a review of Witan's investment management
arrangements and is inviting proposals for the future management of
the Company's portfolio.
Andrew Ross, Chairman of Witan
Investment Trust, said:
"In
2004, in a major strategic shift, Witan adopted a multi-manager
approach to investing in global equities, at the same time becoming
independent of any single investment management group. For much of
the subsequent period, the approach proved successful and, although
the volatile conditions in recent years have eroded earlier
outperformance, Witan's performance remains in line with its equity
benchmark in net asset value total return terms and ahead in share
price total return terms since making that strategic
shift.
However, in more recent years the asset management and
investment trust sectors have seen considerable changes in markets,
competition, governance and regulation. These pose new investment
and communication challenges for independently managed investment
trusts to address successfully and
cost-effectively.
In
view of these structural changes, Andrew Bell's forthcoming
retirement after over 14 years as our CEO is an appropriate
opportunity for Witan to review proposals for the future management
of the Company's portfolio."
Interested parties should contact J.P.
Morgan Cazenove for further information (contact details
below).
Andrew Bell will continue in his
current role until the completion of the review and will remain in
post during any required transitionary period. Witan's portfolio
will continue to be managed in accordance with the current
investment approach, throughout the review process.
The person responsible for making this
announcement on behalf of the Company is Eleanor Cranmer, Partner
at Frostrow Capital LLP, the Company Secretary of the
Company.
For further information please
contact:
J.P.
Morgan Cazenove
|
|
William Simmonds, Rupert
Budge
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Tel: +44 (0) 203 493 8000
Email:
witan_jpmc@jpmorgan.com
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