(Alliance News) - Alliance Trust PLC on Thursday said its investment manager has appointed a new stock picker for its multi-manager global equity portfolio.
Dundee, Scotland-based investment trust Alliance Trust said investment manager Willis Tower Watson PLC has appointed ARGA Investment Management UK Ltd to replace Jupiter Asset Management Ltd, under the Jupiter Fund Management PLC umbrella, as stock picker.
This follows Ben Whitmore's decision to leave Jupiter later this year as an investment manager in value equities and set up his own business, Alliance Trust said.
ARGA has been allocated around 8% of the Alliance Trust portfolio to manage, Alliance Trust said, funded from Jupiter's allocation and with some minor adjustments to other stock picker allocations.
Craig Baker, chief investment officer and chair of the investment committee at Willis Tower Watson, commented: "While we continue to have high regard for Ben's skill as an investor, this change of circumstances introduces potential risks which will take time to fully assess. We have therefore decided to replace Ben's allocation with one run by another stock picker with a similar value-investing philosophy. This will ensure the portfolio remains balanced across investment styles, regions, and sectors, and continues to seek to generate market outperformance from stock selection.
"We would like to express our appreciation to Ben, his team and Jupiter for their contribution to Alliance Trust over the last seven years and wish Ben well in his new venture, which we will monitor with interest. At the same time, we are excited by the opportunity to introduce a new stock picker with an innovative and disciplined value process, and a large and diverse team providing research breadth and fresh ideas."
Shares in Alliance Trust were up 0.5% to 1,206 pence each in London on Thursday morning.
By Greg Rosenvinge, Alliance News senior reporter
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