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Alliance Trust NAV up; warns of 'small recession' post-Brexit

Fri, 22nd Jul 2016 08:59

(ShareCast News) - Alliance Trust said first half net asset value rose to 591.4p compared with 545.9p a year earlier although the uncertainty after the UK's decision to leave the EU caused it to underperform against its benchmark.It also warned that the UK appeared to be headed for a "mild recession as investment and consumption freeze up in the midst of so much uncertainty" after the Brexit vote."With global economic growth already fragile, political uncertainty is sure to be a headwind for equity markets. In this uncertain environment we believe a defensive portfolio that is invested in companies that are growing through structural change - rather than those that are dependent on cyclical tailwinds - will be key to investment performance."Pre-tax profits jumped to £213m from £36.6m.Alliance said the quoted equity part of the its portfolio returned 9.5% for the period against the MSCI ACWI benchmark's 12.0% return in the period after the EU referendum result, effectively reversing the outperformance in the five months to May."The first half of 2016 has been marked by significant volatility in markets, particularly around the time of the EU Referendum," Alliance said."The NAV was also impacted by a number of other items such as the value of debt and a pension scheme buy in transaction. The combination of these items generated the trust's NAV Total Return of 6.6%, with a Total Shareholder Return (TSR) at 2.6%."Alliance said weak investment and consumption for the short, and possibly, medium-term were key risks for the UK economy, which will place further pressure on the already weakened pound."The economic outlook for the second half of 2016 appears unclear after the EU Referendum vote. The UK economy appears set for at least a mild recession as investment and consumption freeze up in the midst of so much uncertainty.""The question remains as to whether this will spill over into Europe and result in a slowdown across the global economy. The unprecedented nature of the current situation makes forecasting the impact particularly challenging."The company also said there were other global political risks to consider, from the US presidential election in November to elections and referendums in China, Germany, France and Italy over the next 18 months.

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14 Jan 2016 07:24

Smith named as new Alliance Trust chairman

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11 Dec 2015 15:53

Garrett-Cox sells chunk of Alliance Trust shares for £1.5m

(ShareCast News) - Katherine Garrett-Cox, who stepped down as chief executive of Alliance Trust in October, is cashing in some of her chips before Christmas. She sold 305,683 shares in the company through her spouse Jeremy, netting a total of £1.5m. That takes her total beneficial interest in the c

27 Nov 2015 08:07

UPDATE 1-Alliance Trust chairwoman Karin Forseke resigns

(Adds more details, background) LONDON, Nov 27 (Reuters) - Karin Forseke, chairwoman of embattled British investment firm Alliance Trust, said on Friday she was stepping down from her role on January 1, as the company implements a major overhaul following pressure from activist investor Ell

27 Nov 2015 07:21

Forseke to step down as Alliance Trust chair

LONDON, Nov 27 (Reuters) - Karin Forseke, chairwoman of embattled investment firm Alliance Trust, said on Friday she was stepping down from her role on January 1, as the company implements a major overhaul following pressure from activist investor Elliott Advisors. It follows an announcemen

27 Nov 2015 07:20

Alliance Trust Says Forseke To Step Down As Chair In Governance Changes

1 Oct 2015 15:50

UPDATE 3-Alliance Trust CEO steps down from board as Elliott forces overhaul

* Garrett-Cox will remain CEO of Alliance Trust Investments * Group to focus on global equities, sell non-core assets * Trust may consider external managers if performance lags (Adds comment from chair, detail, updates share price) By Nishant Kumar and Matt Scuffham LOND

1 Oct 2015 10:35

TOP NEWS SUMMARY: All Change At Alliance Trust After Activist Tussle

1 Oct 2015 08:56

Garrett-Cox steps down as CEO of Alliance Trust in board shakeup

(ShareCast News) - Katherine Garrett-Cox has stepped down as chief executive Alliance Trust as part of a broader board shakeup after a battle with shareholder activist fund Elliott Advisors, the company said on Thursday. Garrett-Cox will step down from the board of Alliance Trust but continue as

1 Oct 2015 07:34

LONDON MARKET OPEN: Rebound In Stocks Extends Into Fourth Quarter

1 Oct 2015 07:25

Alliance Trust says Garrett-Cox to step down from group's board

LONDON, Oct 1 (Reuters) - Alliance Trust Plc said its Chief Executive Katherine Garrett-Cox would step down from the board of Alliance Trust Plc but continue as chief executive of Alliance Trust Investments. Garrett-Cox has been under pressure to address the trust's underperformance and the

1 Oct 2015 07:19

Alliance Trust Outlines Sweeping Changes To Boost Performance

24 Sep 2015 07:36

Alliance Trust appoints two new non-exec directors

(ShareCast News) - Asset manager Alliance Trust said Chris Samuel and Karl Sternberg have been appointed non-executive directors of the company and will join the board with immediate effect, following consultation with its largest shareholders. Samuel was chief executive of Ignis Asset Management

24 Sep 2015 06:32

MOVES-Alliance Trust appoints non-executive directors after shareholder talks

LONDON, Sept 24 (Reuters) - Alliance Trust said on Thursday it had appointed Chris Samuel and Karl Sternberg as non-executive directors following consultation with its largest shareholders, which include activist fund Elliott Advisors. Alliance Trust agreed to revamp its board earlier this

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Alliance Trust NAV up; warns of 'small recession' post-Brexit

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