Review of Investment Management Arrangements

Witan Investment Trust PLC

18 March 2024

 

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	Tel: [phone] Email: [e-mail]

 

END