Five leave equities team at Alliance Trust
Five members of the Alliance Trust equities team have left the Dundee-based business in a shake-up of its senior management.
The company said this morning that the changes will save £2 million a year. Head of equities Ilario di Bon has been replaced by Peter Michaelis, who will report to chief executive and chief investment officer Katherine Garrett-Cox.
Simon Clements, a global equities investment manager with the company, has taken on responsibility for the equity portfolio. Both Michaelis and Clements joined Alliance Trust in August 2012 and have been responsible for the management of the ATSF range of funds. Clements will continue to manage the ATSF Global Growth Fund, which ranked in the second quartile of its peer group over three years.
Third quarter figures showed a total shareholder return of 2.1% which ranked in the second quartile compared to other global trusts.
The company has £2.25 billion of assets under management of which £1.83 billion is on behalf of third parties.
In its statement this morning it said there had been a pick-up in new business following the result of the Scottish referendum. However, an increase in customer queries ahead of the vote suggested that customers may have been putting investment decisions on hold until the results was known.
“The direct market is very competitive, but we are starting to see increased new business following the Scottish referendum,” the company said.
It added that it is making excellent progress with the implementation of new platform technology and expects to launch it to the Intermediary market in the first quarter of 2015.