Witan is to merge with Alliance Trust in the UK's largest investment trust merger.
Witan's assets will be rolled into Alliance Trust to form £5bn Alliance Witan, the firms said. It followed a strategic review by the board of Witan, triggered by the planned retirement of chief executive Andrew Bell. Alliance Trust said its investment strategy would remain unchanged. While the transaction provides "continuity for Witan shareholders to continue investing in a multi-manager strategy", the announcement said. The transaction is due to be completed in September/October when the new shares for Alliance Witan will be issued. Alliance Trust chairman Dean Buckley said: "The...
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