Alliance Trust Investments to close US and European funds

Alliance Trust Investments is to close its North American and European equity funds, as the group completes the second stage of a strategic review.

The £77m Alliance Trust North American Equity fund and the £62m Alliance Trust European Equity fund will both close at the end of June, with a number of jobs put under review as a result. The fund closures have been made to shift the group's focus onto global equities, fixed income and socially responsible investing. Last July, as part of the first stage of the strategic review, the group closed its UK Equity Income, Asia-Pacific Equity and Japan Equity funds. Ed Troughton, managing director of Alliance Trust Investments, said the closures have been made to focus the group's effo...