WMA chair adds to Alliance Trust pressure with open letter attack

Tim Ingram, chair of the Wealth Management Association and a former director of Alliance Trust, has backed Elliott Advisors' proposals to add three non-execs to the trust's board.

In an open letter to shareholders, Ingram criticised the trust’s “dismal” performance, said chief executive Katherine Garrett-Cox (pictured) is overpaid, and suggested the trust should consider outsourcing the management of the portfolio. Ingram, who sat on the board of the trust between 2010-2012, said US hedge fund Elliott’s high profile criticisms make sense, citing five-year performance figures relative to the AIC Global sector in support of his claims. “It is an uncomfortable fact that the latest annual accounts show that the remuneration of the Alliance Trust chief executive ove...