Hawksmoor buys into Alliance Trust after Elliott attack

Hawksmoor manager Richard Scott has opened a position in Alliance Trust on his Vanbrugh fund following the trust's public spat with Elliott Advisors.

Scott (pictured) added the 2% position to his £64m Vanbrugh fund at the start of April when the investment trust was trading at a discount of 13%. Alliance Trust has been under increasing pressure after activist investor Elliott Advisors tried to force three non-executives of its choosing onto the board. The trust's board, which spent £3m contesting Elliott's proposals, eventually made an 11th hour deal the day before the shareholder vote was due to take place. Alliance agreed to allow two of Elliott's non-execs onto the board, in exchange for Elliott holding off mounting another a...