5 August 2024
Witan celebrates 100 years on the London Stock Exchange, as it prepares to combine with Alliance Trust to form Alliance Witan PLC
Witan debuted in 1924, the same year as the last Paris Olympics, the first Labour Government and the first around the world flight
Witan Investment Trust plc (“Witan”) is today celebrating its centenary as a listed company on the London Stock Exchange (“LSE”), in a year when it has also announced its intention to combine with Alliance Trust PLC in the UK’s largest ever investment trust transaction.
Established in 1909 to manage the assets of Sir Alexander Henderson, who later became the first Lord Faringdon, and listed since 1924, Witan has provided investors with a century of diversified investment opportunities, adapting to the evolving financial landscape while maintaining a steadfast commitment to its shareholders.
The trust has navigated through various economic cycles, market fluctuations, and global events, delivering robust performance and demonstrating resilience. This century milestone marks a significant achievement in the company's history and underscores its dedication to long-term value creation. At the time of its listing on the LSE, Witan was investing in both domestic and overseas stocks, loans, railways, telegraph, telephones, gas and electric lights, and from 1954, Witan moved into equity investments, and began to use gearing. In 1992, Witan became a founder member of the FTSE250.
In 2004, Witan became self-managed and appointed its first Chief Executive Officer. The Board and the CEO have since overseen a multi-manager investment approach and directed the investment strategy.
Witan has continued to move with the times, becoming a signatory of the UN Principles for Responsible Investment in 2020 and subsequently signing up to the Net Zero Asset Managers Initiative in 2022.
Earlier this year, Witan announced a strategic review of its investment approach, as longstanding CEO Andrew Bell had expressed his intention to retire, after over 14 years at the helm. Following this review, Witan announced in June that (subject to shareholder approval) its assets are to be combined with Alliance Trust to form Alliance Witan PLC, with net assets of around £5bn. This transaction will provide for Witan shareholders to continue investing in a multi-manager strategy, and the combination will create an even more liquid, high-profile and cost efficient ‘one-stop shop’ for global equities. Alliance Witan PLC should also be eligible for FTSE 100 inclusion.
Andrew Ross, Chairman of Witan Investment Trust plc said: "While this centenary marks an important landmark, and recognises Witan’s historic legacy, this is also very much a story of our shareholders who have continued to shape the trust over many years. I express my gratitude to them, along with thanks to our managers, employees and stakeholders.
Tracing our history over the last 100 years reminds us that change is a constant and I was delighted to announce recently the planned Alliance Witan PLC transaction during Witan’s centenary as a quoted company on the London Stock Exchange. The transaction will result in one of the leading investment companies listed in London and will stand our shareholders in good stead for many years to come."
For further information please contact:
Lou Dolan, Director, Camarco
+44 7446 870 025
[email protected]
Amrith Uppuluri, Associate Director, Camarco
+44 7763 083 058
[email protected]
Annabel Reed, Senior Consultant, Camarco
+44 7969 273 049
[email protected]
Notes to Editors:
Witan Investment Trust plc
Established in 1909, Witan is one of the UK's largest investment trusts, managing £1.8bn (source: Witan, as at 30.06.2024). Witan operates a multi-manager structure and currently has 6 principal managers. For further details please visit www.witan.com.
Issued and approved by Witan Investment Services Limited FRN 446227 on 5th August 2024. Witan Investment Trust is an equity investment. Please remember that past performance is not a guide to future performance. The value of an investment and the income from it can fall as well as rise as a result of currency and market fluctuations and you may not get back the amount originally invested.