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F&C loses control of Pacific trust to Witan

F&C has lost management of the 227m F&C Pacific investment trust to Witan, which will adopt a multi-manager approach.

The board of the trust are thought to have been dissatisfied with performance since last year. The appointment of Asian specialist Christian Dangerfield and Japanese equities specialist Kerry Goh failed to turn performance around although since F&C’s merger with Isis, the fund has been performing better under Mike Hanbury-Williams who is due a performance-rel-ated fee for the last quarter.

The trust will change its name to the Witan Pacific investment trust. Aberdeen and Nomura will each manage 50 per cent of the trust’s assets. As part of the change, Witan will make a tender offer at a price equal to a discount of 4.5 per cent to NAV, which could see the value of the trust halve.

Chelsea Financial Services managing director Darius McDermott says: “This is a minor blow to F&C. Nobody likes losing 200m but it is not the end of the world.”

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