Witan Investment Trust has appointed Veritas Asset Management to run an £80m global equity mandate.
Witan has funded the new mandate, run by Andy Headley and Charles Richardson, by reallocating the North American Enhanced Index portfolio managed by Henderson Global Investors and the Brandes Investment Partners-managed Japanese portfolio.
Andrew Bell, the chief executive of Witan Investment Trust, says: “Whilst North America and Japan are still important markets for us we believe that global stockpicking managers have greater scope to generate superior returns.”
“We believe that global stockpicking managers have greater scope to generate superior returns”
Launched with the aim of outperforming the MSCI World index, the new Veritas portfolio seeks to generate returns of 6-10% in a rolling three-to-five year period and will be based on Veritas’ global focus strategy.
The mandate’s initial regional exposure will be 18% in British equities, 20% in European, 30% in North American and 18% in Asian excluding Japan and emerging markets, with the balance in cash. (article continues below)
“Veritas’ unconstrained global thematic approach is a good fit with our three other global equity managers,” Bell adds.
In September, Witan appointed Lindsell Train and NewSmith Capital as additional active fund managers for UK equities, allocating each a mandate of £100m, to work alongside Artemis, its other active UK manager.