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Alliance Trust under pressure on wide discount

By Daily Mail Reporter
Updated: 06:10 EDT, 11 April 2011

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Ahead of Alliance Trust's results this week, activist shareholder Laxey Partners has stepped up the pressure on the 123-year-old £2.4bn Scottish investment firm and its chief executive Katherine Garrett-Cox.

Not so great?: Katherine Garrett Cox is under pressure

The Isle of Man hedge fund now says the real reason it has declined to set up a discount control mechanism to limit its shares discount to net asset value (currently 15.7%), and change the voting process on its savings scheme, is because it is terrified of exposing soaring expenses racked up by subsidiaries.

And the hedge fund accuses Alliance of keeping important information from shareholders during the trust's continued pedestrian performance.

Laxey has based its claims on the fact that Alliance Trust investors have had to put up with a negative return in two of the last five years, while Garrett-Cox's salary and benefits have risen 110% over the same period.

Garrett-Cox was dubbed 'Katherine the Great' for her ability to pick shares while at Aberdeen Asset Management and Morley Fund Management.

›› More on Alliance Trust holdings and performance

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