Witan appoints Heronbridge for UK mandate after dumping NewSmith

The Witan Investment Trust has appointed boutique firm Heronbridge to manage a £75m UK equity mandate.

The mandate - worth 5% of the trust - will be funded from NewSmith Asset Management's former portfolio, after Witan opted to drop the group in favour of UK specialist Heronbridge. Heronbridge, which was founded in 2005, currently has £800m in assets under management. Managers at the firm employ a long-only equity approach, covering small- and large-caps, with the goal of achieving returns ahead of inflation. Heronbridge typically runs concentrated portfolios of around 40 stocks, focusing on finding undervalued stocks. Andrew Bell, Chief Executive of Witan, said: "The appointment...