View more on these topics

Alliance slashes investment trust holdings in half

Alliance Trust head of equities Ilario di Bon has cut the portfolio’s 200 holdings in half reflecting a higher conviction approach for the investment trust.

Di Bon took over as head of equities earlier this year, having previously been head of global equities, following a restructure of the investment trust.

Under the previous structure, the investment trust’s portfolio was segmented into different regions and sectors.

“What we really wanted to do was to move towards a truly global approach, where regional and sector seggregations are secondary,” says Di Bon. “We look for opportunities wherever they tend to be. The unconstrained approach is a much more higher conviction approach.”

The head of equities says the approach to bottom-up and long-term investing has not changed as part of the restructure.

Di Bon says the trust’s unconstrained remit allows it to seek companies across the world and it is currently positioned neutrally.

He says: “If you look at where we are, we tend to have a good concentration of best ideas in the US, not because of a top down call, but because of the bottom up [case].”

The restructure of the portfolio was welcomed by analysts at Winterflood Investment Trusts earlier this year, with Di Bon praised as a “respected growth investor”. However, Di Bon says there are still some changes to be made.

“The process of change is probably halfway [through]. There are two big steps we want to got through. The first was focus on best ideas and that process has almost been completed,” he explains.

“The other process we are working on with the team is to change income generation profile of the fund,” says Di Bon, says the income team will look for the less obvious income opportunities around the world, rather than investing in UK large cap companies.

Di Bon says the income generation and capital growth remains a key consideration for the investment team.

“It is very important for out shareholders to continue a stable and growing income stream that we have seen over the past 45 years. We want to continue to deliver on that track record,” he adds.


Rathbones says IFA network deal is not start of a spree

Rathbones Brothers says its acquisition of IFA network Vision Financial Planning is a one-off deal and it has no plans to buy more distribution firms. This week, Rathbones announced it has acquired a 19.9 per cent holding in both Vision Financial Planning and sister company Castle Investment Solutions, which provides Vision with certain administrative services. […]


Standard Life’s John Lawson to join Aviva

Standard Life head of pensions policy John Lawson is leaving the provider after over 10 years to join rival Aviva. Lawson (pictured) will join Aviva in January 2013 as head of corporate benefits policy. He will report to managing director of corporate benefits Graham Boffey. Boffey says: “As head of policy, John will use his […]


FSA bans and fines ex-director of sub-prime lender £100k

The FSA has banned and fined the former managing director of a sub-prime lender £100,000 for providing false and misleading statements about the quality of the company’s loan book. Between August 2007 and February 2009 John Blake was the managing director at Welcome Financial Services, a subsidiary of sub-prime lender Cattles. Welcome’s main business was […]


Time to look at 80% LTV caps, says former cabinet secretary

Lord O’Donnell is urging the Government to push ahead with plans to introduce an LTV cap in order to bring individual borrowing under control. In an interview with the Financial Times, the former cabinet secretary says the Government should follow Canada and look at strict limits on borrowing. He suggest 80 per cent as a […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm