Witan Investment Trust plc (LSE:WTAN), the FTSE 250-listed multi-manager fund, said it will review its portfolio management approach after chief executive Andrew Bell announced his retirement.
Bell will be stepping down after 14 years in charge later this year, but will remain in post until the review and potential transition to new management take place.
When he joined in 2010, it was six years after the trust had switched to a multi-manager strategy.
As he departs, the board said it has decided to take it as an opportunity to review investment management arrangements.
On making the strategic shift in 2004, chairman Andrew Ross said: "The approach proved successful and, although the volatile conditions in recent years have eroded earlier outperformance, Witan's performance remains in line with its equity benchmark in net asset value total return terms and ahead in share price total return terms."
However, he highlighted that industry changes in recent years in competition, governance and regulation "pose new investment and communication challenges" while trying to keep costs down.
Witan has invited proposals from new potential managers.
Board member Gabrielle Boyle has resigned as a director due to potential conflicts of interest as she is an investment director for Troy Asset Management.
Witan's NAV total return in 2023 was 12.7%, below the 14.7% return from the benchmark.
Analysts at Stifel noted that the six core portfolio managers collectively outperformed during the year, "but their contribution was outweighed by weak performance from the GMO Climate Change Investment Fund and by Witan's direct investments in specialist investment companies. As a result, overall portfolio returns lagged the benchmark".