Alliance Trust completes investment reshuffle

Business-Corporate-Board-Room-Meeting-Hire-Hiring-700x450.jpgAlliance Trust has appointed Alliance Trust Investments as the investment manager on the trust, completing the reshuffle announced in October last year.

From 28 January, the trust has appointed Alliance Trust Investments as the investment manager and alternative investment fund manager. The move to separate out the investment management of the trust is intended to improve performance and make the investment unit more accountable.

As a result of the appointment fees for the trust will be cut, with Alliance Trust Investments charging 0.35 per cent of the net asset value for its services.

In October, when Alliance Trust announced the business restructure, it said charges on the fund would fall from 60 basis points at the end of 2014 to 45 basis points.

The reshuffle of the boards is also complete at Alliance Trust, with chief executive Katherine Garrett-Cox and Susan Noble stepping down as directors of the trust.

Noble is now chair of the separate board created for Alliance Trust Investments, while Garrett-Cox remains as chief executive of the investment division.

Donald McPherson, company secretary at Alliance Trust, has also announced he will retire on 31 May 2016. He will be replaced by Lisa Brown, who is currently senior commercial legal counsel.