Alliance Trust

Alliance Trust has won its long-running feud with activist Laxey Partners after shareholders voted against the introduction of a discount control mechanism (DCM).

The board of Alliance Trust said it is now hunting for a new chairman after Lesley Knox announced she is stepping down.

This Friday the 123rd annual general meeting of Alliance trust will not be the serene affair the company's board is used to, as Laxey Partners' long-running call to integrate a discount control mechanism reaches its climax.

Alliance Trust Asset Management is planning to launch a global equity income fund later this year as it looks to expand its retail product offering.

Alliance trust has bought back shares for the seventh consecutive working day as it steps up its fight with activist investor Laxey Partners.

Brewin Dolphin has thrown its weight behind Alliance Trust and said it will vote against the resolution put forward by Laxey Partners to introduce a discount control mechanism.

Laxey Partners has rebuffed Alliance Trust's claim its TER is one of the lowest in its peer group, stating research shows it has almost doubled since the merger with Second Alliance Trust in 2006.

ALLIANCE TRUST VS LAXEY

Alliance trust's board has defended its performance record in its annual results, with the trust increasing its divided by 3%, the 44th consecutive year it has grown.

Alliance trust has hit back at activist investor Laxey Partners and rejected calls for the introduction of a discount control mechanism (DCM), in the company's annual results, released today.