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Alliance trust appoints new chairman

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Alliance Trust has appointed Robert Smith, Lord Smith of Kelvin, as its new Chairman. Subject to regulatory approval, he is expected to take up his position on 1st February 2016. 

Lord Smith has broad experience of the corporate and financial sectors. He is currently Chairman of UK Green Investment Bank plc, Forth Ports Limited and IMI plc. He has previously been Chairman of The Weir Group plc and of SSE plc, and a non-executive director of Standard Bank Group Limited. 
 
Between 1996 and 2002 Lord Smith was Chief Executive and then Vice Chairman of Morgan Grenfell Asset Management (latterly Deutsche Asset Management), at the time the largest pension fund manager in the UK and the leading asset manager in Germany. This direct knowledge of investment management was particularly attractive to the Board, as was his previous experience of private equity investing, where he began his career in finance.
 
Gregor Stewart will become Deputy Chairman.
 
Smith says: ‘Alliance Trust is an important business with a long and proud history in Scotland and around the world. I am looking forward to getting started and playing my part in delivering the changes that are necessary to return the Trust to the levels of performance upon which it has earned its reputation and success.
 
I am particularly pleased to be working with Gregor Stewart as my Deputy Chairman and Karl Sternberg as the Senior Independent Director.’
 
Stewart says: 'We very much look forward to Robert joining us as our Chairman. The Board has been working hard on implementing the plans announced on 1st October 2015, which include creating separate Boards for our savings platform and investment management subsidiaries. The Board’s focus is on investment performance, on creating natural demand for our shares and on reducing the Trust’s discount.’ 

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