Earlier this year Alliance Trust (ATST) shareholders approved changing its structure to a multi-manager approach. This is where a fund’s manager outsources the management of its investments to external managers, who each run a portion. Other funds using this approach include Witan Investment Trust (WTAN).
It follows a number of other changes at Alliance Trust due to pressure from activist shareholder Elliott Advisors, which included an overhaul of its board, a greater focus on equities and a drive to reduce costs.
The team in charge of picking these external managers is investment consultancy Willis Towers Watson, which was appointed as Alliance Trust's manager in April. This is a departure from the internal management structure the trust previously had.