Activist investor Laxey Partners has reignited its long-running feud with Alliance Trust, urging it to hand over the management of its assets to a third party.
Laxey has sent out a special resolution calling on the group to carry out a "comprehensive review" into contracting out its asset management business, according to The Times. The resolution argues an external manager will improve returns and cut costs. Last year Alliance Trust was embroiled in a bitter public spat with Laxey, which called for the firm to initiate more share buybacks in order to narrow the company's wide discount. The activist called for Alliance Trust to introduce a discount control mechanism, but lost its campaign as in last May's AGM 67% of the trust's sharehold...
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