Changes at Alliance Trust

Turbulent times at Dundee-based, sustainable investment trendsetter, Alliance Trust. In a long-running boardroom struggle, Elliot Advisers seems to have forced a restructure by, as FT’s Jonathan Guthrie put it: “blending US activism and traditional UK shareholder pressure.”

Katherine Garrett-Cox CBE, who left a £160bn fund at Morley in 2007, for the then £2.1bn Dundee firm, becoming CEO in 2008, has stepped aside to run the fund management division.

Here’s a round-up of the trending financial press commentary:

• Morningstar looks at: “What the Changes at Alliance Trust Mean for Shareholders.” More.
• Citywire reports that: CEO “Garrett-Cox to step down from Alliance Trust board.” More.
• Environmental Finance points out that: “Alliance Trust demotes CEO but keeps its faith in sustainability”. More.
• The Guardian says: “Alliance Trust develops a talent for compromise, at last.” More.
• While the FT says: “Elliptical activism claims scalp of Alliance’s Garrett-Cox,” More.
• The Dundee Courier, The Independent, Aberdeen Press & Journal and Daily Telegraph also comment.

You can also read an Environmental Finance interview with Peter Michaelis, who remains as head of equities, here.