View more on these topics

Witan’s new trio beat benchmarks

Multi-manager investment trust Witan says the three new managers it appointed last year following a restructuring of the trust have each outperformed their benchmarks.

Chicago-based Thomas White International was appointed to run a global equity mandate in September. The trust’s unaudited preliminary results for the year ending December 31, 2007 show the manager produced returns of 3.6 per cent in its first three months while its benchmark returned 0.9 per cent.

The results also show that Orbis, which was appointed in July to manage an Australasian mandate, produced returns of 15.3 per cent since inception. It outperformed its benchmark by 4.5 per cent.

Comgest, which is responsible for Asia ex Japan, produced returns of 16.5 per cent compared with the benchmark performance of 15.8 per cent.

Other highlights for the year include a 7.6 per cent increase in dividends and total shareholder return of 7.5 per cent, meaning that annualised five year returns are 15.8 per cent a year.

It says further developments in the trust such as manager and asset allocation changes should be expected over the coming months.

It is likely there will be less emphasis on the UK from an asset allocation point of view and the portfolio will shift from a focus on alpha to beta.

The portfolio’s biggest sector weighting is financials but Witan says this is a reflection of the value style approach taken by some of its managers rather than a positive view of the sector.

Marketing director James Budden says: “What you are seeing does not mean that we like the financials sector. It is because our value managers, particularly Brandes and Southeastern, are purchasing good quality companies at rock-bottom prices. UBS is a good example. It has come under a lot of pressure from sub-prime writedowns but was bought at a bargain price.


Alternatives to annuities

The Investment Management Association has called on the Government to end compulsory annuitisation after modelling eight alternative drawdown strategies.The IMA says its research demonstrates how non-annuity investment products can provide a lifetime income for retirement.It says the Government must offer more choice to consumers when they are deciding how to get the most out of […]

Abbey slashes new build BTL LTV to 65%

Abbey has slashed its new build buy-to-let loan to value from 85 per cent to 65 per cent.It has also reduced its new build house LTV to 85 per cent and new build flats to 75 per cent.The changes come into effect from tomorrow.An Abbey Mortgages spokesman says: “Abbey has always taken a prudent approach […]

Cause for complaint

There seems to be a swelling tide of resentment among some professionals in the financial services industry, including IFAs, about the way in which the Financial Ombudsman Service deals with disputes between customers and firms.

Darling fails to home in on crunch

The mortgage industry has hit out at the Government for not taking urgent action to address the liquidity crisis in last week’s Budget.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm