Alliance Trust appoints fund management veterans Chris Samuel and Karl Sternberg as it continues to reassure shareholders

 
Catherine Neilan
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Alliance Trust chief executive Katherine Garrett-Cox (Source: Flickr)

Alliance Trust has appointed two veteran managers to its board as it seeks to reassure investors yet again.


Ignis Asset Management's former chief executive Chris Samuel and Oxford Investment Partners' co-founder Karl Sternberg are joining the board of the investment trust with immediate effect.

"Both appointments have been made following consultation with our largest shareholders", Alliance Trust said this morning - hinting at the months of tussling between itself and activist investor Elliot Advisors, which resulted in the appointment of Anthony Brooke and Rory Macnamara earlier this year.

Two current directors - John Hylands and Alastair Kerr - are planning to retire at the company's AGM next May, when Sternberg will become a senior independent director.
From May, five of the nine serving board directors will have been appointed since 2014.
Alliance Trust chair Karin Forseke said: "Investment is at the heart of Alliance Trust and is the key to our future success and I believe their skills and expertise are the ideal complement to an already strong board.
"These appointments follow extensive consultation with our major shareholders. We remain fully committed to delivering measures that will address the feedback we have received from our shareholders.
"I would like to thank both Alastair and John for their substantial contributions to the development of Alliance Trust over a period during which we have delivered strong and consistent returns for our shareholders while also continuing to develop our investment and savings business. Both will leave the board with my heartfelt thanks for their guidance and support during their time as directors."
Elliot Advisors increased its stake in Alliance Trust to just over 14 per cent earlier this week.

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