View the article online at http://citywire.co.uk/money/article/a602393
Alliance to get a global investment team after shake-up
Kathryn Garrett-Cox, boss of the poorly performing Alliance investment trust, has decided the global fund needs a global investment team.
Kathryn Garrett-Cox, boss of the poorly performing Alliance investment trust, has reorganised the global fund to give it a global investment team.
Four teams investing in shares in different regions of the world will be combined in one global team led by Ilario Di Bon, who takes on a new role as head of equities. He will report to Garrett-Cox, who is chief investment officer as well as chief executive.
Garrett-Cox said the move would give the £2 billion trust 'a more focused and efficient investment structure'. Alliance's long-term performance has been poor, with the share price returning 70% over 10 years compared to the 99% average from global growth investment trusts.
Alliance also announced it would close three out of seven funds in its Alliance Trust Investments (ATI) range. The unit trusts being shed are UK Equity Income , Asia-Pacific Equity and Japan Equity . Subsidiaries such as ATI and its Savings investment platform business have come under fire from some shareholders who argue Alliance should stick to its core business.
Earlier this year Alliance's board fended off a second attempt by activist investor Laxey Partners to do more to improve shareholder returns. The trust's shares currently trade at a 16% discount to the net asset value of its investments.
Alliance declined to comment on how many jobs would be lost from the changes.
News sponsored by:
The Citywire guide to investment trusts
In association with Aberdeen Asset Management
What can SLI bring to the table for those who want to put their money into investment trusts?
More about this:
Look up the funds
- Alliance Trust UK Equity Income A Net Acc
- Alliance Trust Asia-Pacific Equity A Acc
- Alliance Trust Japan Equity A Acc
Look up the shares
More from us
- Alliance defeats Laxey and denies Aberdeen approach
- Alliance Trust attacks Laxey’s demands as Aberdeen circles
Tools from Citywire Money
From the Forums
Weekly email from The Lolly
Get simple, easy ways to make more from your money. Just enter your email address below
An error occured while subscribing your email. Please try again later.
Thank you for registering for your weekly newsletter from The Lolly.
Keep an eye out for us in your inbox, and please add firstname.lastname@example.org to your safe senders list so we don't get junked.
by Daniel Grote on Jan 26, 2015 at 05:01