Alliance Witan

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Alliance Witan plc
FormerlyThe Alliance Trust Public Limited Company (1888–2006)
Alliance Trust plc (2006–2024) [1]
Company type Public
LSE:  ALW
FTSE 100 Component
Industry Financial services
Founded21 April 1888;136 years ago (1888-04-21) [1]
Headquarters Dundee, Scotland, UK
Key people
Gregor Stewart (Chairman)
ProductsInvestment Trust
RevenueDecrease2.svg £69.6 million (2023) [2]
Decrease2.svg £59.6 million (2023) [2]
Decrease2.svg £53.3 million (2023) [2]
Total assets Increase2.svg £3,576.6 million (2023) [2]
Total equity Increase2.svg £3,336.7 million (2023) [2]
Website www.alliancewitan.com

Alliance Witan plc, formerly Alliance Trust plc, is a publicly traded investment and financial services company, established in 1888 and headquartered in Dundee, Scotland. It is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index. It is one of the largest investment trusts in the UK. [3]

Contents

History

The Alliance Trust plc was formed by the 1888 merger of three Dundee-based mortgage and land companies: the Dundee Investment Company, the Dundee Mortgage and Trust Investment Company and the Oregon and Washington Trust (which was set up to provide loans to immigrant farmers on the West Coast of the United States). [4] Many prominent figures in Dundee invested some of their money in the Alliance Trust and its predecessors, including merchants, ship owners, textile manufacturers and businessman such as Sir John Leng. [5] The company subsequently expanded into other asset classes. In 1918 the firm agreed to share premises and other costs with the Western & Hawaiian Investment Company, [6] a mortgage lender which initially focused its business on sugar planters in Hawaii before expanding. [4] Five years later it was renamed The Second Alliance Trust, although no formal merger between the two took place until 2006. [6] [7]

The Trusts later moved into fixed income investing in the 1920s and 30s, before adding significant quantities of shares to their portfolios in the late 1950s. [8] A savings division was established by Alliance Trust in 1986, offering pensions and other investment products. [9]

A formal merger with The Second Alliance Trust was finally conducted in 2006, [10] as the investment strategies of the two companies had come to closely resemble each other. [11] [12] Legally, the Second Alliance Trust became a private company, wholly owned by the Alliance Trust, and its shareholders became holders of new Alliance Trust shares. [13]

The company left its headquarters of over 90 years, Meadow House in Dundee's Reform Street on 1 June 2009 for a purpose-built facility on 8 West Marketgait in Dundee City Centre. [14] [7]

Company offices at 8 West Marketgait, Dundee 8 West Marketgait, Dundee.jpg
Company offices at 8 West Marketgait, Dundee

In 2011, it was reported that University of Dundee Archive Services had become custodians of the Alliance Trust's extensive archives. [5] [15]

Following criticism by Elliott Advisors, [16] an activist shareholder, Katherine Garrett-Cox stood down as Chief Executive and left the company in March 2016. [17]

In June 2024, it was announced that Alliance Trust would merge with Witan Investment Trust to create Alliance Witan. This would be achieved through the voluntary winding up of Witan Investment Trust. [18] The company formally rebranded itself Alliance Witan on 11 October 2024, [19] and four former directors of Witan were appointed as non-executive directors of Alliance Witan PLC. [20]

Investment strategy

In December 2016, [21] the board announced that the Trust would change its investment philosophy to a multi-manager model in a bid to improve performance. [22] In March 2017, the Trust's shareholders approved the change in approach. [23] The Trust then formally appointed Willis Towers Watson (WTW) as investment manager with effect from 1 April 2017. [24]

Former operations

Until October 2018, Alliance Trust was the parent company of Alliance Trust Savings Limited, an execution-only trading platform. The business was sold to Interactive Investor for £40m; the sale included the office building at West Marketgait, Dundee. [25]

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References

  1. 1 2 "Alliance Trust plc overview - Find and update company information - GOV.UK". Companies House . 21 April 1888. Retrieved 13 February 2024.
  2. 1 2 3 4 5 "Annual Results 2023". Alliance Trust. Retrieved 7 March 2024.
  3. ↑ "Analyse Investment Companies. The Association of Investment Companies. Retrieved 1 June 2017".
  4. 1 2 "About us: History 1873–1888". Alliance Trust. Archived from the original on 24 September 2008. Retrieved 18 February 2008.
  5. 1 2 Baxter, Kenneth (March–April 2011). "The Alliance Trust: Dundee and the Wild West" (PDF). Broadsheet- the SCA Newsletter (1): 6. Retrieved 9 June 2011.
  6. 1 2 "About us: History 1918–1966". Alliance Trust. Archived from the original on 25 September 2008. Retrieved 18 February 2008.
  7. 1 2 "Collection MS 335 - Alliance Trust Archive". Archive Services Catalogue. University of Dundee. Retrieved 3 July 2024.
  8. ↑ Bolger, Andrew (6 February 2005). "On the way up in the oldest lift in the land". Financial Times . Archived from the original on 2 August 2009. Retrieved 18 February 2008.
  9. ↑ "About us: History 1969–1998". Alliance Trust. Archived from the original on 25 September 2008. Retrieved 18 February 2008.
  10. ↑ "Proposed merger SC1284 10/05/06". UK Companies House (Filings). 20 June 2006. Retrieved 3 October 2024.
  11. ↑ Hall, Algernon (20 March 2006). "Alliance Trust and Second Alliance announce mammoth merger plan". citywire.com. Retrieved 27 September 2024.
  12. ↑ Farrow, Paul (29 March 2006). "Alliance puts its trust in £2.8 billion merger". The Daily Telegraph . London. Retrieved 18 February 2008.[ dead link ]
  13. ↑ "Court Of Session, Scotland in petition of The Second Alliance Trust PLC". Filings at Companies House (UK). 21 June 2006. Retrieved 27 September 2024. The purpose of the Scheme is for the Company (Second Alliance Trust) to become a wholly-owned subsidiary of AT and the Scheme Shareholders (Second Alliance Trust Shareholders) to become holders of New AT Shares
  14. ↑ Robbins, Bruce (9 January 2007). "Alliance Trust makes city hub of expansion". The Courier (Dundee). Archived from the original on 4 August 2009. Retrieved 18 February 2008.
  15. ↑ "Business Archives". Archives, Records and Artefacts at the University of Dundee. 27 January 2011. Retrieved 13 October 2013.
  16. ↑ "Investors take up positions as Elliott Advisors hits back at 'out of touch' Alliance Trust". Scottish Financial News. Retrieved 18 October 2024.
  17. ↑ "Katherine Garrett-Cox to leave Alliance Trust". BBC. 15 February 2016. Retrieved 28 March 2016.
  18. ↑ "Alliance Trust and Witan in £5 Billion Merger". Morning Star. 26 June 2024. Retrieved 25 September 2024.
  19. ↑ "Alliance Trust formally rebrands to Alliance Witan and joins London Stock Exchange". Scottish Financial News. 11 October 2024. Retrieved 11 October 2024.
  20. ↑ "Alliance Witan PLC - Appointment of Directors (AMENDED)". London Stock Exchange. Retrieved 18 October 2024.
  21. ↑ Patrick Hosking (16 December 2016). "Alliance splinters after reshuffle ends era of Katherine the Great". The Times . Retrieved 10 November 2021.
  22. ↑ Dan Jones (15 December 2016). "Alliance Trust to switch to multi-manager model". Financial Times . Retrieved 10 November 2021.
  23. ↑ Margaret Taylor (27 April 2019). "Alliance Trust investment chief remains upbeat despite recent performance". The Herald . Glasgow. Retrieved 10 November 2021.
  24. ↑ Brearley, Beth (16 January 2017). "Alliance Trust names Willis Towers Watson investment manager". Fund Strategy. Retrieved 7 June 2017.
  25. ↑ Ellis, Tom (22 October 2018). "Alliance Trust Savings sold to Interactive Investor for £40m". Investment Week. Retrieved 1 February 2019.
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