Aberdeen and L&G back Elliott in Alliance Trust battle

Aberdeen Asset Management and Legal & General Investment Management have added their support to Elliott Advisors in the war with Alliance Trust.

LGIM, which owns 2.5% of Alliance Trust, and Aberdeen, which holds 1.5%, have both indicated they support Elliott, according to the Sunday Times. Peter Chambers, one of the three non-executive directors that Elliott has proposed adding to the trust's board, is a former chief executive of LGIM who retired from the company in 2010. Aberdeen, led by chief executive Martin Gilbert, has a history with Alliance Trust and approached the firm three years ago during its spat with activist firm Laxey Partners. At the time, Gilbert said he would "love the opportunity" to pitch for the trust i...