The Witan Investment Trust, one of the oldest and largest of its kind in the UK, has completed a strategic review of its portfolio and may replace more investment managers after jettisoning Asian equities specialist APS Asset Management.

APS, a Singaporean asset manager, ran about £76m (€112m) in Asian ex-Japan equities for Witan, and has been replaced because of disappointing performance and a desire on the trust's part to incorporate Indian stocks into its Asian exposure.