Alliance Trust U-turn: Imminent overhaul or 12-month respite?

Alice Rigby
clock

Alliance Trust's agreement to appoint two of the non-execs proposed by Elliott Advisors has been proclaimed a victory for the hedge fund, but the trust's future direction remains up in the air.

The two new directors, Anthony Brooke and Rory Macnamara, were among the trio proposed by the US hedge fund and until this morning had been strongly opposed by the trust. But a last minute U-turn has seen the trust agree to bring the pair on board. Elliott's third candidate, ex-LGIM chief Peter Chambers, has agreed to withdraw his candidacy in favour of a non-exec who will be chosen to Alliance Trust, subject to shareholder approval. In response, Winterflood analysts said the news means change is now "clearly on the agenda", while Tilney Bestinvest MD Jason Hollands said "the status q...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Investment

Autumn Budget 24: Reeves sets 20% IHT rate on AIM shares

Autumn Budget 24: Reeves sets 20% IHT rate on AIM shares

Chancellor unveils 50% relief

Cristian Angeloni
clock 30 October 2024 • 1 min read
Cash in Conversation: A poll for financial advisers

Cash in Conversation: A poll for financial advisers

Professional Adviser
clock 29 October 2024 • 1 min read
The challenges and opportunities for active managers

The challenges and opportunities for active managers

'We believe good active managers always have a place in a portfolio'

Darius McDermott
clock 29 October 2024 • 5 min read