Saturday, 25 April 2015
Last updated 15 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.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…