Monday, 6 July 2015
Last updated 6 hours ago
Mar 15 2011 | 2:50am ET
With an unhappy hedge fund breathing down its neck, Alliance Trust said it will quit the private equity business.
The British investment firm said yesterday it would close its Alliance Trust Equity Partners, which has about £110 million in assets under management, over the next few months. "The Trust will look to wind down the exposure over the coming months in order to maximize the returns to the shareholders," the firm said.
Alliance Trust will focus on its Asset Management and Savings business following calls by hedge fund Laxey Partners for the firm to do more to boost its share price. The firm's p.e. business managed less than 4% of its total assets.
Laxey has pushed Alliance to institute discount control mechanisms, such as automatic share buy-back programs, to improve its share price.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…