Performance of the

200. This is likely to fall even further as the Japanese portfolio within the trust is outsourced on a fund basis, rather than invested in individual stocks. The reason for the change says Ewins, is performance.

“Internally F&C’s record of adding value in Japan has not been great,” he says. “That’s been common for most groups. We felt we’d like to find someone else who can manage the money more successfully. We are better off