Anthony Hilton: Keeping it in the family pays off handsomely for Witan
Saturday 15 March 2014
Tremendous results this week from Witan, the investment trust.
It increased net asset value by 29.4 per cent, which is way ahead of its benchmarks and paved the way for the 39th consecutive year of increased dividends. Over the past five years the value of the trust has doubled.
It is a reminder that old money knows how to look after itself. Witan was set up in 1909 by Alexander Henderson, the first Lord Faringdon and the founder of Cazenove, the most blue-blooded of the stockbroking firms. Its purpose was to manage the family money.
According to a family history published 30 years ago, Witan was created and endowed because Faringdon did not trust the judgement of his son. He wanted somewhere to put his money where the latter could not get his hands on it to make sure it survived for his grandchildren.
The plan obviously worked. In 1924 Witan listed on the Stock Exchange and in 1932 it founded Henderson Administration as in-house managers to invest its funds. That group today is known as Henderson Global Investors and though now independently owned, it remains one of the UK’s most successful fund managers.
The City may be an international financial centre but the old ties still bind. Witan’s chairman, Harry Henderson, is still family.
- 1 The truth about 'girl things': Three cheers for Heather Watson's honesty
- 2 Man who held up 'hire me' sign at Waterloo station returns a year later with 'I'm hiring' sign
- 3 UK weather: Snow to fall in the coming week with sub-zero temperatures to last until early February
- 4 Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
- 5 Men behaving badly: Urinating while standing, 'manspreading' and the gendering of selfishness
Nigel Farage: NHS might have to be replaced by private health insurance
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
French court convicts three over homophobic tweets, in case hailed as a 'significant victory' by LGBT rights campaigners
British Muslim school children suffering a backlash of abuse following Paris attacks
George Galloway condemns 'racist, Islamophobic, hypocritical rag' Charlie Hebdo at freedom of speech rally
Islamic history is full of free thinkers - but recent attempts to suppress critical thought are verging on the absurd
iJobs Money & Business
Negotiable: Recruitment Genius: A Tax Assistant is required to join a leading ...
£16000 - £25000 per annum: Recruitment Genius: This is an exciting opportunity...
£45000 - £47000 per annum + bonus + benefits: Ashdown Group: Java Developer / ...
£35000 - £38000 per annum + Benefits: Ashdown Group: Marketing Manager - Marke...