View the article online at http://citywire.co.uk/new-model-adviser/article/a580049
Brewin eyes up Aberdeen's pitch for Alliance mandate
by Sarah Miloudi on Apr 04, 2012 at 08:12
Brewin Dolphin has said it will consider proposals for a change in the management of Alliance Trust after reports Aberdeen Asset Management is eager to take on the £2.5 billion mandate, according to the Telegraph.
John Newlands (pictured), head of investment company research at the private client stockbroker, told the paper he would expect Aberdeen to put forward a 'serious' proposition worth considering.
'Aberdeen Asset Management is an impressive investment management company. We will expect them to put forward a serious proposition which we will consider on behalf of clients,' he said.
Brewin Dolphin owns approximately 3% of Alliance, which in recent weeks has seen its 2010 feud with activist investor Laxey Partners resurface, despite it being defeated by shareholders at an annual general meeting last Spring.
Recently-appointed Alliance chair Karin Forseke has said neither she nor the management of the closed-end fund had been approached by Aberdeen. Aberdeen and industry analysts said the speculation had been overblown.
But Laxey said it welcomed Aberdeen's interest. It pointed to the success of one of its best-known managers Bruce Stout, who runs the top performing Murray International investment trust which also sits in the Association of Investment Companies Global Growth sector.
'We welcome Aberdeen Asset Management’s interest and note that the performance of Murray International is vastly superior with its shares consistently trading at a premium. What an upgrade for all shareholders that would be,' Laxey said.
News sponsored by:
As the UK coalition government strives to rebalance the national economy, so called 'reshoring' looks set to play an increasingly important role in economic recovery.
Today's top headlines
Alastair Mundy met Citywire's Daniel Grote at the London Stock Exchange Studios for a detailed interview about the Investec Cautious Managed fund.
More about this article:
Look up the shares
Look up the fund managers
More from us
What others are saying
by Rosie Sells on Jul 31, 2014 at 14:56