Alliance Trust Investments closes three funds and cuts jobs
UK based Alliance Trust Investments has closed down three funds and announced a number of redundancies as chief executive Katherine Garrett-Cox overhauls the business.
Alliance Trust Investments has closed its UK Equity Income, Asia-Pacific Equity and Japan Equity funds, leading to a number of redundancies.
A number of the investment team will leave with immediate effect and a small number of other investment roles have been made transitional, with individuals able to apply for roles in the new structure.
The fund closures have been made by Garrett-Cox (pictured) to shift the group’s strategy to focus on global equities and fixed income.
The group added this will result in four regional equity portfolios reorganised into the existing global portfolio, Alliance Trust PLC.
Under the new structure, Ilario Di Bon will take on the new role of head of equities, reporting directly to Garrett-Cox.
“Today’s announcement will move Alliance Trust towards a more focused and efficient investment structure,” said Garrett-Cox
“We believe this will be better aligned with our investment objectives and will allow us to focus on our area of expertise: investing on a truly unconstrained basis with high conviction.
“This new structure will allow us to maintain our commitment to our shareholders to deliver capital growth and a rising dividend from a diversified portfolio of global equities and fixed income investments.”
The Alliance Trust UK Equity Income fund is headed up by Neil Tong and Kenneth Warnock.
David Osfield manages the Alliance Trust Asia-Pacific Equity Fund, while the group’s Japan Equity fund is co-managed by Jonathan Bolton and Justin Atkinson.
The group said they cannot confirm or comment on which fund managers have been made redundant from the firm.
This article was first published on Investment Week