Witan Investment Trust, a UK-based multi-manager fund, has replaced the managers on two of its global mandates worth £190 million.
Together the newly appointed managers including Pzena Investment Management and US-based asset manager Tweedy Browne Company will represent approximately 13% of the trust’s portfolio.
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The two asset managers will replace mandates by that have been previously managed by Thomas White International and Southeastern Asset Management for the last six and nine years, respectively.
Pzena will run £145 million of the assets in line with its Global Expanded Value strategy, which seeks high, long-term alpha from a global portfolio of 60-90 companies, while Tweedy Browne will manage the remaining £45 million in accordance with its Global High Dividend strategy, which holds around 40 stocks with firms investing in a secure and growing dividend yields.
Pzena, started in 1996 with a deep value approach, has assets under management of US$23.4 billion while Tweedy Browne, which was set up in 1920, has assets of $19 billion.
Witan chief executive Andrew Bell said: "These two appointments signal a continuation of our move towards investing more with specialist managers who have fundamentally-based and high-conviction approaches towards adding value through stock picking and portfolio construction."
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By GlobalDataWitan currently have £1.4 billion in assets under management. The company will choose firms from within the best value fifth of the market and sells them when they rise above the market average valuation.
