Witan replaces Australian portfolio with GEMs

The new portfolio will be funded by redeeming an Australian portfolio and closing out a position in the MSCI Emerging Markets index future. US-based group Trilogy Global Advisors will manage the £50m EM portfolio, with effect from this month. The mandate will cover all major global emerging market regions. At the end of November, Witan had a total of 16.9% invested in the Pacific Basin and other emerging markets. The Australian portfolio is managed by Orbis Investment Management. Witan says the manager's stockpicking combined with the strength of the Australian dollar has been positiv...