Alliance Trust U-turn: Imminent overhaul or 12-month respite?

Alliance Trust's agreement to appoint two of the non-execs proposed by Elliott Advisors has been proclaimed a victory for the hedge fund, but the trust's future direction remains up in the air.

The two new directors, Anthony Brooke and Rory Macnamara, were among the trio proposed by the US hedge fund and until this morning had been strongly opposed by the trust. But a last minute U-turn has seen the trust agree to bring the pair on board. Elliott's third candidate, ex-LGIM chief Peter Chambers, has agreed to withdraw his candidacy in favour of a non-exec who will be chosen to Alliance Trust, subject to shareholder approval. In response, Winterflood analysts said the news means change is now "clearly on the agenda", while Tilney Bestinvest MD Jason Hollands said "the status q...