Witan hands $300m of assets to WCM and Jennison

Equal to 12% of its portfolio

Witan Investment Trust has handed new portfolio managers WCM Investment Management and Jennison Associates $300m, equal to 12% of its net assets between the pair, it has said.

The £1.5bn multi-manager trust, which announced a move towards a more global asset allocation strategy in January and has been overhauling its underlying managers through 2020, said it had given California-based WCM $200m, or 8% of its assets, to manage, with New York-based Jennison receiving $100m, or 4% of its assets. The portfolios were mainly funded, Witan said, by the sale of a US ETF, which had been used to temporarily gain broad market exposure after the sale of a sleeve run by Pzena Investment Management. It has also jettisoned a UK equity portfolio run by Heronsbridge Investm...