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Schroders&#39 Horsburgh becomes Witan chief

Giant investment trust Witan has appointed Schroders veteran Jim Horsburgh as its first chief executive as part of its bid to boost flagging performance by moving towards a manager of manager approach.

Horsburgh, who was at Schroders for 17 years, will select investment managers across the industry to run different parts of the £1.3bn trust.

The decision could mean Henderson Global Investors, its current manager, loses most if not all of its contract to run Witan.

Horsburgh, who takes up the position on February 2, will be employed directly by Witan and is expected to address its AGM at the end of March.

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