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Witan Pacific gives up gearing for AIFMD compliance

by Robert St George on Apr 03, 2014 at 07:20

Witan Pacific gives up gearing for AIFMD compliance

The £174 million Witan Pacific investment trust has given up its borrowing facility due to the terms of the Alternative Investment Fund Managers Directive (AIFMD).

Witan Pacific has now listed as a small registered UK alternative investment fund manager with the Financial Conduct Authority, and will no longer be able to take on debt under the terms of those regulations.

The trust has now deleveraged – it was 2% geared – by repaying its outstanding loan with the Royal Bank of Scotland. Its historical gearing range has been between 0% and 5%.

Witan Pacific, which was launched in 1907, has returned 11.5% over the past three years compared with 5.9% from its benchmark MSCI AC Asia Pacific Free index.

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