Alliance Trust PLC : Appointment of Investment Man

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Posted On: 04/03/2017 3:00:35 AM

Posted By: News Desk 2018

Alliance Trust PLC : Appointment of Investment Manager & completion of sale of Alliance Trust Investments

Appointment of Willis Towers Watson as Investment Manager & completion of Alliance Trust Investments sale to Liontrust Asset Management

Alliance Trust PLC today confirms the appointment of Willis Towers Watson (WTW) to manage the Trust's equity portfolio¹, effective from 1^st April 2017. WTW has, on behalf of the Trust, selected eight equity managers as previously announced and the transition to these managers will be completed before the Trust's annual general meeting.

The sale of Alliance Trust Investments (ATI) to Liontrust Asset Management Plc (Liontrust), a specialist fund management company, has also now been completed. As previously announced, it is expected that net proceeds will be not less than £25m, before any future contingent consideration. The actual value which the Trust will finally receive will be dependent on the movement in the price of the Liontrust shares acquired as part of the consideration. This compares to the fair value of ATI prior to the sale being announced of £19.8m, as at the end of June 2016.

Lord Smith of Kelvin, Chairman of Alliance Trust, said: "The Board are delighted by the strong level of shareholder support shown towards the new investment approach and we look forward to working with WTW as we move to the next chapter of Alliance Trust's history. We are confident that this exciting and differentiated investment approach will help to improve Alliance Trust's performance on a consistent basis and firmly believe that this will put Alliance Trust on a strong footing for many years to come.

On behalf of the Board, I would like to take this opportunity to thank everyone in ATI for their work as manager of the Trust's portfolio. ATI has formed an important part of the Trust's history and we wish ATI every success as that business continues to develop."

Notes