REG - Witan Inv Tst PLC - Review of Investment Management Arrangements

Witan Investment TrustAnnouncement

18/03/2024 07:15

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RNS Number : 1427H  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: +44 (0) 203 493 8000

                                 Email: witan_jpmc@jpmorgan.com

 

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