Alliance Trust cuts five equity team jobs in £2m cost saving drive

Alliance Trust has overhauled its equity team, with the loss of five roles expected to save £2m a year.

Following the departure of Ilario Di Bon in September, Alliance Trust reorganised its investment team. It created a single equity investment team, led by head of equities Peter Michaelis, while global equities manager Simon Clements took on responsibility for the trust’s equity portfolio. “As a consequence of these changes, we have rationalised the resourcing of the equity team and five members of the team have since left the group. We expect annualised cost savings of £2m as a result,” the board said in its interim statement, released today. The trust reported a total shareholder ret...