Update: Spat continues as Elliott responds to Alliance Trust's 'personal attacks'

Elliott Advisors has responded to Alliance Trust's formal circular to shareholders, rejecting the company's claims and accusing its board of resorting to "personal attacks".

The two sides have been engaged in a public war of words since Elliott Advisors recommended three new non-executive directors for the trust. The hedge fund is the largest individual shareholder in the £2.4bn portfolio. In its latest note, Elliott said Alliance Trust's claim that it has achieved consistently good returns and its reported management costs were both incorrect. It also defended its position on the trust's dividend, after the Alliance Trust board said this put it at odds with other shareholders.  Elliott said it "recognises the importance of high and growing regular div...