Witan Investment Trust has handed out two global mandates with a combined value of £190 million.
New York-based Pzena will manage £145 million of the money in line with its Global Expanded Value strategy, which seeks high long-term alpha from a portfolio of 60-90 companies.
The firm, which started life in 1996 and manages more than $23 billion in assets, employs a ‘deep value’ approach incorporating fundamental research, selecting companies from within what they assess to be the best value fifth of the market and selling when they rise above the market average valuation.
Meanwhile Connecticut-based Tweedy Browne will run the remaining £45 million in accordance with its Global High Dividend strategy, which holds around 40 stocks and has an emphasis on secure and growing dividend yields.
The two mandates representing approximately 13% of the Witan Investment Trust Portfolio and replace mandates previously managed by Thomas White International and Southeastern Asset Management.
Witan chief executive Andrew Bell (pictured) said in a statement: 'These two appointments signal a continuation of our move towards investing more with specialist managers who have fundamentally-based and high-conviction approaches towards adding value through stock picking and portfolio construction.
'We would also like to thank Southeastern and Thomas White for their stewardship of the Company’s assets over the past nine and six years respectively.'