Witan selects Mellon Capital

Witan currently has £700m invested outside sterling, and its foreign currency exposure is an implicit but as yet largely unmanaged part of the global policy. The new appointment means Mellon will manage an exposure totalling £350m or 50pc of the trust’s foreign currency pro-actively. Witan said this will add alpha and enhance total returns to shareholders without fundamentally changing the trust’s overall risk profile. To fund this activity, Witan will invest £36.5m which will reflect an overall £350m exposure within the trust. The amount will be raised from across the portfolio rat...