Alliance Trust names FSA director as new chairman

Alliance Trust has appointed Karin Forseke as non-executive chairman to replace Lesley Knox, who announced last year she intended to step down from the role.

Forseke holds a number of non-executive roles including deputy chairman and senior independent director of the Financial Services Authority (FSA).

She will take over the position in April after a one month handover period.

Knox is retiring after serving over a decade at the helm of the £2.6bn trust.

Knox said: "I am delighted to welcome Karin Forseke as the next chairman of Alliance Trust.

"She has extensive experience of financial services and this, alongside her international perspective, will be invaluable as we continue to invest across the globe in order to seek value for our shareholders."

Last year the trust was embroiled in a bitter public spat with activist investor Laxey Partners, which called for Alliance Trust to introduce a discount control mechanism.

The trust is trading on a 14.9% discount, according to broker Winterflood, while its shares are priced at 346p each.

The company moved out of the FTSE 100 and into the FTSE 250 last year.