- Equities investor Witan Investment Trust said it had appointed WCM Investment Management and Jennison Associates as its new global growth managers.

Both managers were based in the US and specialised in faster growing companies.

WCM had been allocated $200m to manage, or 8% of Witan's assets, while Jennison had been allocated $100m, or 4% of Witan's.

The portfolios were mainly funded from the sale of a US equity exchange traded fund, which had been used as a temporary means of maintaining market exposure following earlier portfolio changes.

The balance was funded by the sale of a £54m UK equity portfolio managed by Heronbridge Investment Management.

'The new global asset allocation that Witan introduced from January incorporates greater exposure than before to faster growing parts of the world and economic sectors,' chief executive Andrew Bell said.

'These appointments represent an important further stage in implementing that policy, providing a degree of specialism that complements the approaches of our other managers.'

'Witan's performance had a disappointing start to 2020, when the Covid-19 lockdown measures affected the portfolio adversely, as reported on in detail in our interim results last month.'

'Since May, modest outperformance has resumed, although this is subject to the usual uncertainties and caveats and neither good nor bad performance should be extrapolated.'

'We believe that our equity portfolio offers a balance across sectors and regions that will reward existing and new investors for their patience, both in terms of net asset value returns and a narrowing discount.'

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