At Alliance Trust, we are led by a highly experienced and skilled non-executive Board, chaired by Gregor Stewart. Our Board is independent and driven by the best interests of our shareholders. Here is a short biography of each of our eight Board members:
Gregor joined the Board in 2014, was previously chair of the Audit and Risk Committee before being appointed as Chairman on the 5th September 2019. Gregor is also a Non-Executive Director of Direct Line Insurance Group Plc, Chairman of FNZ (UK) Limited and a Non-Executive Director of its holding company.
Previously, he was Finance Director for the insurance division of Lloyds Banking Group, including Scottish Widows, and a member of the Group's Finance Board.
Bringing over 20 years’ experience at Ernst & Young, with ten years as a partner in the firm’s Financial Services practice.
‘The Board wants to ensure that the Trust continues to be a core portfolio holding for shareholders as we aim to achieve consistent outperformance at a competitive cost.’
Karl has been a member of the Board since 2015. He is currently Chairman of Monks Investment Trust PLC and a Non-Executive Director of JPMorgan Elect PLC, Jupiter Fund Management PLC, Lowland Investment Company PLC, Herald Investment Trust PLC and Clipstone Industrial REIT PLC.
Previously, he was a founding partner of Oxford Investment Partners and enjoyed a career in fund management at Deutsche Asset Management, most recently as both its Global Head of Equities and Chief Investment Officer for Europe and Asia Pacific.
‘Our equity managers, selected from many thousands operating globally, are simply best in class. Performance will come from stocks not top-down regional allocations.’
Anthony joined the Board in 2015 and chairs Alliance Trust’s Remuneration Committee.
Anthony sits on the Investment Committee of the National Portrait Gallery and of Christ’s College, Cambridge. He acts as an adviser to a number of endowments. Anthony was previously a Vice Chairman of S.G. Warburg & Co. Ltd and until 2010 was a Non-Executive Director of the PR consultancy, Huntsworth PLC.
‘The Trust has undergone a significant transformation over the past year. We are confident that the new approach will deliver value for our shareholders.’
‘At Alliance Trust we have a compelling offering and look forward to continuing to invest for generations.’
Clare joined the Board in 2016. She is currently a Non-Executive Director of BMO Capital and Income Investment Trust PLC and Schroder UK Mid Cap Fund PLC.
Clare ran a marketing consultancy from 2005-2015. Before that she was Group Head of Marketing at GAM (formerly Global Asset Management) and served on its Executive Business Committee. Prior to that, Clare held a number of roles at Barclays Global Investors, including Head of Marketing.
Chris joined the Board in 2015. He is currently Chairman of BlackRock Throgmorton Trust PLC, JPMorgan Japanese Investment Trust PLC and Quilter Financial Planning and a Non-Executive Director of Sarasin and Partners LLP and UIL Limited.
Chris was Chief Executive of Ignis Asset Management from 2009 – 2014 and was previously a Director and Chief Operating Officer at Gartmore and Hill Samuel Asset Management and a partner at Cambridge Place Investment Management. He is a chartered accountant.
‘Our high conviction approach means every single stock is one of our equity managers’ best ideas.’
Jo joined the Board in 2020 and chairs Alliance Trust’s Audit and Risk Committee.
Jo is currently Chair of JPMorgan European Investment Trust PLC and a Non-Executive Director and Chair of the Audit Committees of BB Healthcare Trust PLC, Strategic Equity Capital PLC, BMO Global Smaller Companies PLC and Ventus VCT PLC. Jo is a chartered accountant and has previously held senior positions within the NatWest Group and was Finance Director of Newcastle United plc. She was Commercial Director, UK, Europe and the Middle East at Serco Group and sat on various advisory boards in the education and charity sector.
“Reinvesting income is a powerful tool for long term investors and the Trust has dividend growth at the heart of its investment philosophy.”
Sarah joined the Board in 2021. Sarah is currently Chair of Polar Capital Technology Trust plc and a Non-Executive Director of Worldwide Healthcare Trust plc. Sarah is also Chair of the John Lewis Partnership Trust for Pensions and is an independent member of the investment committees of the BBC Pension Scheme and of the University Superannuation Scheme.
Sarah is a Fellow of CFA UK and was previously Chair of the Association of Investment Companies. Sarah was also previously Chair of Merian Global Investors Limited, St James’ Place plc, JP Morgan American Investment Trust plc, Witan Pacific Investment Trust plc (now Baillie Gifford China Growth Trust PLC) and chair of the audit committees of New India Investment Trust plc and of U and I Group plc. She is an Ambassador for Chapter Zero and was a founder of the Diversity Project and formerly Chair of the Diversity Project Charity.
‘Alliance Trust’s portfolio is responsibly managed and built for resilient long-term performance.’
Dean joined the Board in 2021. Dean is currently Chair of the Audit Committee, Remuneration Committee and Senior Independent Director of JPMorgan Asia Growth & Income plc, Senior Independent Director of Fidelity Special Values PLC, Chairman of Smith & Williamson Fund Administration Limited and a Non-Executive Director of Baillie Gifford & Co Limited.
Dean is a qualified actuary and has enjoyed a career in fund management. Dean was previously Chief Executive Officer of Scottish Widows Investment Partnership. Prior to that, Dean held several positions at HSBC Bank plc, most recently as Chief Executive Officer of HSBC Asset Management UK & Middle East. Dean held senior fund management positions at Prudential Portfolio Managers and was also previously a Non-Executive Director of Saunderson House Limited.
'Our multi-manager approach to investing smooths out the peaks and troughs of performance normally associated with a single manager.'
We have one standing board committee as well as a number of committees that meet on an ad hoc basis. The board committees ensure good governance and to enhance accountability and independence. Each of our directors may be a member of one or more board committees. The Terms of Reference for the standing committee, the Audit and Risk Committee, can be downloaded below. You can read more about our corporate structure and our board committees in our latest Annual Report.
Alliance Trust is an ‘Alternative Investment Fund’ (AIF) for the purposes of the EU Alternative Investment Fund Managers Directive (Directive 2011/61/EU), sometimes referred to as ‘AIFMD’.
We have appointed Towers Watson Investment Management Limited (TWIM) as our Alternative Investment Fund Manager (AIFM). TWIM is part of Willis Towers Watson (WTW). On this website, we refer to TWIM as Willis Towers Watson or ‘WTW’.
TWIM operates our unique investment approach, in line with the Board’s requirements, and delegates certain portfolio management responsibilities to our equity managers, who you can find out more about here.