Alan Trotter joins expanding Alliance Trust board

Published on Thursday 5 November 2009 20:34

ALLIANCE Trust has boosted its two-strong executive board, naming Alan Trotter, group corporate development director at Legal & General, as its new finance director.

The announcement marks the first occasion that Alliance will have three directors on its board since the start of chief executive Katherine Garrett-Cox's reign in autumn last year.

Trotter replaces David Deards, who revealed in April that he was stepping down from the Dundee-based institution.

Garrett-Cox had been the sole director at the trust until Robert Burgess, chief executive of subsidiary Alliance Trust Savings, joined the executive board in September.

Trotter will take up the role early next year. Lesley Knox, chairman of Alliance Trust, said : "His extensive experience in the financial-services sector and a proven track record in senior positions in the industry make him an ideal candidate to take on the role."

Analysts reacted positively to the appointment.

John Newlands, head of investment trust research at Brewin Dolphin, said: "This is the latest step in an 'attic to basement' overhaul of the entire process up there at the Alliance Trust in Dundee. Katherine and her team have made a number of changes, which although individually small, have led to a much tighter ship than before."

Newlands added: "While I wouldn't ever expect Alliance Trust to shoot the lights out in performance terms, it is very well positioned to maximise shareholder value within its own very tight risk controls."

Shares in Alliance Trust eased 0.8p to close at 306p.

&#149 Scottish Widows Investment Partnership has appointed Andrew Tunks as interim director of fixed income. He was previously head of fixed income and global macro at Old Mutual.

Tunks takes responsibility for all of Swip's fixed-income investment management, in addition to the development of related research and portfolio management.