Alliance Trust said its new investment approach was paying off as it posted annual returns that outperformed the market.
Alliance Trust described its first half as an "encouraging start" to the year on Thursday, with its share price rising to 700p from 638p over the six months to 30 June, and its net asset value per share improving to 742.2p from 667.5p.
Billionaire Warren Buffett has denounced "Wall Streeters" for charging "high fees" and urged ordinary investors to buy low-cost index funds. In his famed annual letter to Berkshire Hathaway shareholders, the Oracle of Omaha said: "When trillions of dollars are managed by Wall Streeters charging high fees, it will usually be the managers who reap outsized profits, not the clients. "Both large and small investors should stick with low-cost index funds." - The Sunday Telegraph
Alliance Trust posted the outcome of its strategic review on Thursday, outlining a new investment approach involving a number of new managers.
Alliance Trust said first half net asset value rose to 591.4p compared with 545.9p a year earlier although the uncertainty after the UK's decision to leave the EU caused it to underperform against its benchmark.
Jacob Rothschild's investment vehicle RIT Capital Partners is no longer interested in acquiring Alliance Trust, it was revealed on Tuesday.
Managers at Alliance Trust face a familiar set of battle lines this year after investment trust RIT Capital's informal approach, write the Financial Times' Lex column.
HSBC's Stuart Gulliver is the European bank chief executive who investors would most like to be replaced, according to a recent poll of large shareholders. When 74 institutional investors were polled by Autonomous Research and asked to each name three banks in Europe "most in need of a change in CEO", Mr Gulliver, who has run the region's biggest lender since 2011, won by a chunky margin. - Financial Times
Alliance Trust said it has received an unsolicited, informal approach from fellow FTSE 250 investment trust RIT Capital Partners that proposed a merger of the two companies.
FTSE 250 investment company Alliance Trust reported a rise in assets under management at its investment arm as it lifted its dividend for the 49th consecutive year.
Katherine Garrett-Cox, who stepped down as chief executive of Alliance Trust in October, is cashing in some of her chips before Christmas.
Katherine Garrett-Cox has stepped down as chief executive Alliance Trust as part of a broader board shakeup after a battle with shareholder activist fund Elliott Advisors, the company said on Thursday.
Asset manager Alliance Trust said Chris Samuel and Karl Sternberg have been appointed non-executive directors of the company and will join the board with immediate effect, following consultation with its largest shareholders.
Alliance Trust said it underperformed a number of its peers during the first-half of the year, partly due to the sharp rise in bond yields, which affected the return.
Self-managed investment trust Alliance Trust has confirmed the appointment of Anthony Brooke and Rory Macnamara as non-executive directors.
A new branch of Whitbread's Costa coffee chain returns half the investment necessary to open it in just its first year. In terms of numbers that translate into a 46% return on capital. Little wonder then the company wants to increase sales from £1.4bn to £2.5bn by 2020. The other largest unit at the company, Premier Inn, also has hefty expansion plans in mind Its aim is to lift the number of rooms from a tad under 60,000 to 85,000 over the same time frame. The restaurants business also does its bit of supporting Premier Inn although at 3% the rate of revenue growth last year was more pedestrian.
Ahead of the release of UK economic growth figures, the Footsie started the day moving lower is what was otherwise expected to be another light day in terms of economic data.
After a bitter battle, Dundee-based Alliance Trust has reached a "compromise" with its activist major investor Elliott Advisers, allowing two of the US hedge fund's partners onto the board.
Specialist investment firm Alliance Trust recorded a near double-digit increase in assets under management (AuM) at its retail arm during the first quarter of the year.
Scottish based investment manager Alliance Trust posted a net asset value (NAV) total return of 8.1% last year and raised its total dividend, including a special dividend of 2.54p by 14.3%.