End of an era for Dundee’s Alliance Trust as it is officially renamed

Alliance Trust will now trade as Alliance Witan Plc.

By Paul Malik

October 10 2024, 4:57pm

Alliance Trust is based at West Marketgait in Dundee. Image: Kim Cessford/ DC Thomson

Dundee’s Alliance Trust officially changed its name to Alliance Witan on Thursday, following the largest-ever merger of investment trusts in UK history.

Alliance Trust has been headquartered in the city for 136 years, after it emerged from the joining of three mortgage companies in 1888.

The company has impressively increased its dividend returns for 57 consecutive years.

And the announcement earlier this year Alliance Trust was to join with Witan was described as the largest-ever in UK financial history — with a potential £5 billion portfolio being created.

The name change was officially approved on Thursday.

Alliance Witan will continue to be headquartered in Dundee, bosses assured.

The merger follows the retirement announcement of Witan CEO Andrew Bell earlier this year.

Alliance Trust is now Alliance Witan

A number of new non-executive directors have been appointed as a result of the merger.

And Alliance Witan’s investment managers, Willis Towers Watson, also announced it has appointed Jennison Associates as an additional stock picker for its multi-manager global equity portfolio.

This takes the total number of stock pickers for Alliance Witan to eleven.

Craig Baker addressing an Alliance Trust AGM recently. Image: Supplied

New York and Boston-based Jennison was founded in 1969 and has $210 billion of assets under management.

They specialise in investing in companies with exceptional growth prospects, Alliance Witan said.

Jennison previously managed part of the multi-manager global equity portfolio of Witan before the merger with Alliance Trust.

In an announcement published on Thursday, Alliance Witan said: “Following the completion of the combination of Alliance Trust Plc and Witan Investment Trust Plc, the board of Alliance Witan Plc is pleased to announce Andrew Ross, Rachel Beagles, Shauna Bevan and Jack Perry (all former directors of Witan) have been appointed as non-executive directors of the company effective today.

“Andrew Ross has been appointed as deputy chair of the company and a member of the management engagement, and nomination committees of the company.

“Rachel Beagles, Shauna Bevan and Jack Perry have all been appointed as members of the audit and risk, management engagement, and nomination committees.”