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Trust moves to strengthen board

Former Ignis CEO is one of two directors joining Alliance

Karin ForsekeAlliance Trust has appointed former Ignis boss Chris Samuel and Karl Sternberg as non-executive directors in accordance with its agreement with shareholders to strengthen the board.

The appointments come after a boardroom challenge by New York hedge fund Elliott Advisers to appoint new directors.

It accepted two of Elliott’s three nominees at the  AGM in April. These latest appointments mark a further makeover in the board’s membership.

Mr Samuel was chief executive of Ignis Asset Management from 2009 until its recent sale to Standard Life Investments. Previously he was chief operating officer at Gartmore and Hill Samuel and was a partner at Cambridge Place Investment Management.

Mr Sternberg was a founding partner of Oxford Investment Partners where he worked from 2006 – 2013. Prior to that he enjoyed a career in fund management at Deutsche Asset Management, latterly as global head of equities and chief investment officer for Europe and Asia Pacific.

Dundee-based Alliance also announced that two directors, John Hylands, who joined the board seven years ago, and Alastair Kerr, the senior independent director, who joined the Board three years ago, will retire at next year’s AGM. Mr Kerr’s role will be taken by Mr Sternberg.

The appointments mean that from the 2016 AGM, five of the nine serving board directors will have been appointed since 2014.

Karin Forseke, chairman (pictured), said Mr Samuel and Mr Sternberg bring “extensive knowledge” of the industry from their careers in the investment and asset management sector.

“Investment is at the heart of Alliance Trust and is the key to our future success and I believe their skills and expertise are the ideal complement to an already strong board.

“These appointments follow extensive consultation with our major shareholders. We remain fully committed to delivering measures that will address the feedback we have received from our shareholders.”

 

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