Witan's Bell demands radical change at 3i

Andrew Bell, chief executive of the £1.1bn Witan investment trust, has joined the chorus of disgruntled shareholders who are demanding radical change at private equity firm 3i.

Bell, who holds 2.5% of the firm in his multi-manager trust, said the company needs to establish a better record of delivering asset growth. In recent weeks shareholders have voiced their disapproval at the company posting several years of sluggish share price performance, with some calling on the firm to consider liquidation. Bell said the most worrying aspect of the poor share price returns is the board has distanced itself from rectifying the firm's performance. "The board are giving the impression the share price is down to the market and has nothing to do with the management o...