"We have a low weighting in emerging and fast growth economies right now, around 11 per cent. I didn't touch that weighting in the first half, but it's now under review," said Bell.
The move comes as part of a restructuring operation within the trust, spearheaded by Bell, switching it from a market-tracking multi-manager fund to a more actively managed vehicle.
Performance of Witan IT vs IT Global Growth sector over 3-yrs
Source: Financial Express Analytics
Earlier this year the manager dropped Wellington from its portfolio, and instead asked Marathon Asset Management to run a Europe ex-UK portfolio as well as its UK mandate. The highly rated Alpha manager Nick Train of Lindsell Train was given a £100m contract, as was NewSmith Capital, after Bell dumped the Henderson UK Enhanced Index fund, which tracks the FTSE All Share index, from his portfolio. Overall, one third of the portfolio has changed under Bell's management.
"We've got other projects in mind which should play out by the end of the year," Bell added.
Intermediaries welcomed the proposed move, and said Bell's appointment to chief executive of Witan in February of this year had made the trust a more exciting investment.
"Expanding into GEM is a sensible decision. Witan is a low cost multimanager route to a diversified global equities portfolio, and a move into GEM would enhance the attractiveness of the trust. Scottish Mortgage, for example, is a firm favourite amongst investors, and its strong performance is largely down to its GEM exposure," said Gavin Haynes, managing director of Whitechurch Securities.
Looking at Witan IT's sister investment trust Witan Pacific IT suggests where Bell might be looking for more GEM exposure, Haynes said. Witan Pacific, which has £128m under management and is in the Asia Pacific including Japan sector, is run by outsourced managers Nomura and Aberdeen Asia.
"Witan clearly already has that relationship with Aberdeen for the Far East, and with Nomura for Japan. If Aberdeen were picked to join Witan IT it would be very well received by investors, as it's the best regarded GEM house, along with First State."
Tom Tuite-Dalton of Oriel Securities also mooted Aberdeen as a possible addition to the Witan multi-manager team.
He said: "We certainly rate Aberdeen as emerging markets managers, in fact, we've recently raised [Aberdeen's flagship investment trust] Edinburgh Dragon to a buy, as the manager Hugh Young and his team are doing such a good job there."
Tuite-Dalton points out that emerging markets investment trust are becoming increasingly high profile. He says Alliance Trust has recently upped its GEM exposure, as did Pacific Assets, since its move to First State from F&C.