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:
After Boris announced he was backing Brexit, sterling suffered its biggest slump in six years. Our Market Mavens discuss. Follow the Market Mavens LinkedIn page for weekly videos, in which our panel of industry experts share their views on financial news
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 ForumsForums are temporarily down for maintenance.
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 email@example.com to your safe senders list so we don't get junked.