Witan Pacific shakes up managers to close discount

Witan Pacific shakes up managers to close discount

Witan Pacific has changed its manager line-up as it bids to close the discount at which the trust trades.

The £228m multi-manager investment trust with a focus on the Asia Pacific region trades at a discount to net assets of 13 per cent. It has returned 11 per cent over the past year.

In an announcement to the stock market this morning the trust announced that Aberdeen Standard Investments would now run 25 per cent of the capital, Dalton Investments will run 10 per cent, Matthews International will run 40 per cent, and Robeco Institutional Asset Management the remaining 25 per cent.

Aberdeen’s allocation had previously been 42 per cent. Matthews had previously run 47 per cent of the capital.

The holding in the Gavekal Asian Opportunities UCITS Fund, which previously constituted 10 per cent of the Company's assets, has been sold after five years.

The Witan Pacific Investment Trust has returned 72 per cent over the past five years.

Its objective is to provide shareholders with capital and income growth from a diversified portfolio of investments in the Asia Pacific region, which are designed to outperform the MSCI AC Asia Pacific Free Index in sterling terms.

Witan Pacific has followed a multi-manager approach since 2005, using a blend of active portfolio managers outperform its benchmark.