Alliance Trust Savings appoints chair

Business-Corporate-Board-Room-Meeting-Hire-Hiring-700x450.jpgAlliance Trust Savings has appointed former Friends Life chief financial officer Tim Tookey as its new chairman, following the previous break-up of the board.

Tookey has spent more than 30 years in the financial services industry, having worked as group finance director at Lloyds Banking Group, and held roles in Prudential, Heath Lambert and KPMG.

The appointment comes after Alliance Trust Savings separated its board from the investment division and parent company, forming separate boards as part of a shake-up of the business.

Tookey will work with Jonathan Anderson and Gregor Stewart, who joined as non-executive directors in January.

Stewart is also deputy chairman of Alliance Trust and non-executive director for FNZ and Instrinsic Financial Services. Anderson is group financial controller at LV=, having spent 20 years at Barclays Bank.

Patrick Mill, chief executive of Alliance Trust Savings, says: “This is an exciting stage in the development of Alliance Trust Savings. The fact that we have been able to attract such high calibre board members illustrates the strength of our strategy and business proposition.

“Tim and Jonathan’s extensive experience, alongside Gregor’s expertise and knowledge of Alliance Trust Savings, complements the talent within our executive team and will be invaluable in driving the business forward to deliver a meaningful profit in 2016 and beyond.”

Alliance Trust has made a number of hires this year, following its separation from the Alliance Trust business. In January it appointed former Cofunds head of distribution Ed Carey as sales director, and Peter Docherty as its risk and compliance officer.

At the time Mills said the business had plans to grow assets under administration to around £40bn by 2020.

In its latest results, for 2015, Alliance Trust Savings made a pre-tax loss of £5.2m due to the platform’s technology spend and lower than expected revenues. The platform posted a loss of £3.9m in 2014.