Investment trust giant Witan has confounded expectations by revealing that Henderson has kept more than half of its new trust mandate.
After a year-long world-wide search, the 1.3bn investment trust has unveiled five new managers to join Henderson Global Investors in managing the portfolio.
Henderson was widely expected to lose any role in the mandate but was chosen for its enhanced index portfolios.
Witan was set up in 1909 and is one of the biggest investment trusts in the UK, managing 1.35bn with over 55,000 investors.
Henderson will manage the UK mainstream, UK smaller companies and North American sections of the trust,which represents 40 per cent, 5 per cent and 10 per cent respectively of assets under management.
MFS Investment Management of Boston will manage 10 per cent and the global portfolio. Southeastern Investment Management of Tennessee will run 15 per cent and manage the global portfolio, while Wellington Management of Boston is to manage 10 per cent and the European excluding UK sector.
Brandes Investment Partners of San Diego will manage the Japanese element and 5 per cent and APS Asset Management of Singapore completes the portfolio with 5 per cent and Pacific Basin ex Japan.
Witan chief executive Jim Horsburgh says: “We have not simply chosen Henderson because we like to give money to them. They shone through for the quality of their enhanced index portfolios. The newly appointed managers exhibit definite characteristics in that the majority are employee-owned market leaders, whom Witan has carefully chosen as experts in their particular fields.”