It's out with the old and in with the new for the Witan Investment Trust (LSE: WTAN). Since he joined in 2010, Andrew Bell, the trust's chief executive, has taken a new broom to the trust's long list of investment managers.
Unlike other funds, which tend to have just one or two managers, Witan adopts a multi-manager approach', using between ten and 15 investment managers at any one time. Its rationale is that this will "deliver added value for shareholders while smoothing out the volatility normally associated with a single manager".
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