View more on these topics

Alliance Trust chief Katherine Garrett-Cox steps down


Alliance Trust Investments chief executive Katherine Garrett-Cox is to stand down from the helm of the investment trust after almost eight years in the role.

In a statement issued this morning, Alliance Trust says the move has been mutually agreed with the board. Garrett-Cox will leave the business on 11 March.

It says responsibilities of the chief executive role will be reassigned, with Alliance Trust Investments managing director Ramsay Urquhart taking over operational responsibilities.

Garrett-Cox joined Alliance Trust as chief investment officer in 2007, and became chief executive in 2008. She was paid £1.4m for the year to the end of December 2015, and will be compensated for loss of office in line with her contract.

Alliance Trust chairman Lord Smith of Kelvin says: “Alliance Trust is undergoing significant change to improve both its operating performance and investment returns.  It has always had investment expertise at its heart and Katherine has done much over the past nine years to refocus the investment portfolio on its traditional strengths in global equities.

“Alliance Trust is now moving swiftly to implement the changes announced last year which are designed to enhance shareholder returns. This process is well underway and it is clear to us all that the role of chief executive of Alliance Trust Investments has changed significantly.  I and the rest of the board wish Katherine every success in the future.”

Garrett-Cox says: “I am very proud of the significant achievements that my team has delivered over the past nine years at Alliance Trust. It has been an honour to have had the opportunity to represent and protect the long-term interests of so many shareholders and to have been a guardian of the trust’s historic purpose of investing for generations.

“I leave Alliance Trust Investments with a strong team who are already delivering improved investment returns and driving down costs.”

Alliance Trust had assets of £3.3bn as at 31 December.


Alliance Trust hires former Morgan Grenfell chief as chair

Former Morgan Grenfell Asset Management chief Robert Smith has been appointed chairman of the Alliance Trust board. Subject to regulatory approval, Smith will replace Alliance Trust director Karin Forseke who stepped down as chair of the investment trust’s board in November. Smith will take up the role from 1 February. Gregor Stewart will become deputy chairman of the […]


Alliance Trust fixed income head departs

Alliance Trust Investments head of fixed income Rod Davidson is leaving the manager, as it closes its Dynamic Bond fund. Davidson is exiting the firm after five years at the head of the fixed income business. Stuart Steven will take over his role. Alliance Trust Investments will also close its Dynamic Bond fund after the assets […]


Alliance Trust shake-up in £6m cost-cutting plan

Alliance Trust is targeting £6m of cost savings as it shakes up the trust in a raft of changes, including cutting fees, changing the asset allocation and separating out the investment management of the trust to make it more accountable. The trust has made the changes to boost performance and improve the structure of the […]


Alliance Trust appoints board directors after activist battle

Alliance Trust has appointed two board members, ending its shareholder wrangle with activist investors Elliott Investors. Former Ignis Asset Management chief executive Chris Samuel will join the board, joined by Karl Sternberg, a founding partner of Oxford Investment Partners. To make room for the new hires current directors John Hylands and senior independent director Alastair Kerr will retire. The […]


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