Witan keeps close watch on Mellon currency mandate

Witan is keeping its currency mandate under close scrutiny after continued underperformance from man...

Witan is keeping its currency mandate under close scrutiny after continued underperformance from manager Mellon. The global growth investment trust reported disappointing results from three more of its outsourced mandates over the first six months of the year. Overall, the £1.1bn trust reported an NAV decline of 12.4% in the first six months of 2008 against a 13.1% drop in the FTSE All-Share and 11.5% in the FTSE World (ex UK). On currency, the trust's investment in the UBS Mellon currency loan note fell by £4.3m, equivalent to a return of -1.5% on a notional £350m portfolio. Witan ...