Fund manager Alliance Trust yesterday promised a raft of changes this autumn to help reverse a long-running slump in fortunes.
The company said net asset values rose by just 1.4 per cent for the six months ending June, with shareholders receiving a 2.7 per cent increase, well behind similar peers.
The company, which was forced to put two candidates from hedge fund Elliott Advisors on the board earlier this year due to shareholder pressure, is now in the bottom quarter of funds based on performance.
The company was caught in the broad-based bond sell off earlier this year and has since moved much of its portfolio into equities.
It has also cut the number of holdings from 88 a year ago to 68.
“The first half of 2015 was a particularly challenging period for Alliance Trust,” chairman Karin Forseke said. “In the run up to our AGM a significant proportion of our shareholder base indicated that they sought change.
“The board anticipates announcing, in the autumn, the changes that it intends to make.”
The company is looking for a third non-exec to join Elliott’s nominations to the board.