Alliance Trust Savings: Change of Ownership
Please note that, as of 28 June, Alliance Trust Savings (ATS) is owned by Interactive Investor Limited. If you have any questions about the sale of ATS and what it means for you, please visit ATS’ website*. If you’d like to stay up to date with the Trust’s performance or any news, please sign up below.
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*The brand names ‘Alliance Trust Savings’, ‘ATS’, ‘AT Savings’ and the ‘Alliance Trust Savings’ logo which may appear on ATS’ website are owned by and used with the permission of Alliance Trust PLC, being the previous owner of ATS.

Meet the Managers

Meet the nine equity managers behind our ‘alliance of best ideas’

Our global equity managers - nine of the best

We are justifiably proud of our best-in-class* global equity managers. Each has been hand-picked by WTW, our investment manager, to run a part of the Trust’s investment portfolio - and manage a concentrated set of high conviction stocks. Each equity manager brings their own distinct investment style and between them they cover a range of value, growth and quality stockpicking. Together their complementary styles create a unique ‘alliance of best ideas’.

Most have been responsible for equity portfolios of over $1bn. All have invaluable experience of successfully steering portfolios through positive and negative market cycles. Most of our equity managers are not otherwise available to individual investors in the UK.

To find out more about the experience and investment styles of each of our equity managers, you can watch their videos – or read their biographies.

* As rated by Willis Towers Watson.

Bill Kanko
Black Creek Investment Management
Pierre Py and Greg Herr
First Pacific Advisors (FPA)
Rajiv Jain
GQG Partners
Ben Whitmore
Jupiter Asset Management
Andrew Wellington
Lyrical Asset Management
Hugh Sergeant
River and Mercantile Asset Management
George Fraise, Gordon Marchand and Rob Rohn
Sustainable Growth Advisers
Andy Headley
Veritas Asset Management
C.T. Fitzpatrick
Vulcan Value Partners
Bill Kanko Black Creek Investment Management

Bill Kanko is Founder and President of Black Creek Investment Management. He was the lead manager for the Trimark Fund and Trimark Select Growth Fund, with combined assets of more than $13bn.

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Approach

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Performance built on best ideas: 1 year on

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Stock Spotlight: Bill Kanko on Oerlikon and Henry Schein

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Introducing Bill Kanko, Founder, Black Creek Investment Management

‘A portfolio focused on relatively few leading global businesses that are misunderstood or misinterpreted by the market can add value over time. This approach requires independent and sometimes contrarian thinking.’

Investment style
Black Creek’s approach is to look five to ten years ahead and find stocks ‘across the cap spectrum’. Its approach is long term and contrarian. 

Pierre Py and Greg Herr First Pacific Advisors (FPA)

Pierre Py and Greg Herr are Co-Portfolio Managers with an average of 20 years’ investing experience.

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Long term value

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Performance built on best ideas: 1 year on

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Stock Spotlight: Greg Herr on Page Group and Microsoft

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Introducing Greg Herr, Co-Portfolio Manager, First Pacific Advisors

‘We travel the world looking for opportunities. Our view of businesses is always long term and often contrarian. Strong fundamentals are essential, but we want managers who think and act as owners, and robust balance sheets. A disciplined valuation approach drives our holdings selection.’

Investment style
First Pacific Advisors operates a long-term, value-based approach that seeks out companies which have high-quality business models, exhibit financial strength and strong management with a track record of shareholder alignment. Pierre and Greg operate a strict value-based approach.

Rajiv Jain GQG Partners

Rajiv Jain founded GQG Partners in June 2016, having previously worked at Vontobel Asset Management for 22 years. He manages both a global equity and an emerging markets portfolio.

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Global quality growth

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Performance built on best ideas

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Stock Spotlight: Rajiv Jain on Alphabet and Heineken

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Introducing Rajiv Jain, Founder, GQG Partners

‘We believe in buying high-quality companies and a differentiated view on the company’s prospects based on the long term.’

Investment style 
Rajiv looks for high-quality and sustainable businesses, whose underlying strength should outweigh its environment and where that company’s strength can only truly be understood through bottom-up analysis.

Ben Whitmore Jupiter Asset Management

Ben Whitmore has over 20 years of experience and joined Jupiter in 2006. He has also worked at Schroders, managing both retail and institutional portfolios and about £2bn of assets. Ben is supported by Dermot Murphy, Co-Portfolio Manager.

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Approach

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Performance built on best ideas: 1 year on

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Stock Spotlight: Dermot Murphy on Marks & Spencer and Western Union

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Introducing Ben Whitmore, Head of Strategy, Jupiter Asset Management

‘We’re looking across the globe for lowly valued securities and believe this approach will deliver above-average returns for a global mandate.’

Investment style
Ben is well known as a long-standing practitioner of contrarian value investing. He seeks businesses that are out of favour and under-valued, but have prominent franchises and sound balance sheets.

Andrew Wellington Lyrical Asset Management

Lyrical Asset Management’s investment management team is led by Co-Founder and Chief Investment Officer, Andrew Wellington, and includes Co-Portfolio Manager, Caroline Ritter. Andrew has also worked at Neuberger Berman and New Mountain Capital, where he co-managed the $1.2bn New Mountain Vantage Fund.

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Keeping faith with Value

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Performance built on best ideas

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Stock Spotlight: Andrew Wellington on HCA and Adient

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Introducing Andrew Wellington, Co-Founder, Lyrical Asset Management

'For us, volatility creates opportunity that enables us to outperform the benchmark over the long run.'

Investment style
Value matters to Lyrical Asset Management. They adopt a strict discipline around investing in quality companies, seeking businesses they believe will generate attractive returns, are resilient with reasonable debt levels, offer positive growth, attractive margins, competent management and the flexibility to react to all phases of the business cycle.

Hugh Sergeant River and Mercantile Asset Management

Hugh Sergeant is the CIO of Equities, having previously held similar roles at Societe Generale Asset Management, UBS Phillips & Drew and Gartmore.

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The Beauty of Baidu: The Value in Chinese equities

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Performance built on best ideas: 1 year on

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Stock Spotlight: Hugh Sergeant on Applus and Baidu

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Introducing Hugh Sergeant and River and Mercantile Asset Management

‘It’s been proven over the years that more concentrated mandates can generate superior absolute and relative returns. We’re passionate believers in that.’

Investment style
Hugh has put in place a model that helps him identify value at different stages of a company’s lifecycle, also giving him signals as to when that value might be unlocked. He has shown strength in smaller companies and classic ‘recovery’ situations.

George Fraise, Gordon Marchand and Rob Rohn Sustainable Growth Advisers

Sustainable Growth Advisers (SGA) was founded in 2003 by George Fraise, Gordon Marchand and Rob Rohn, averaging over 30 years of investment experience.

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Looking 8 years into the future

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Performance built on best ideas: 1 year on

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Stock Spotlight: George Fraise on Novo Nordisk and AIA Group

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Introducing George Fraise and Sustainable Growth Advisers

‘We find quality businesses that also have sustainable growth over the long term, then we apply valuation discipline.’

Investment style
SGA’s investment style is to identify those few truly differentiated global businesses that possess strong pricing power, offer recurring revenue generation and benefit from attractive, long runways of growth.

Andy Headley Veritas Asset Management

Andy Headley is Head of Global Strategies at Veritas Asset Management. Andy has over 20 years’ investment experience and is supported by Charles Richardson, Co-Portfolio Manager, who has 30 years’ experience.

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Taking a 10-year view

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Performance built on best ideas: 1 year on

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Stock Spotlight: Andy Headley talks Airbus and Facebook

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Introducing Andy Headley, Veritas Asset Management

Investment style
Veritas Asset Management uses a proprietary Real Return investment process with an absolute return mindset. It deploys a number of methods including themes to help identify industries and companies that are positioned to benefit from medium-term growth, globally.

C.T. Fitzpatrick Vulcan Value Partners

C.T. Fitzpatrick is the Founder and Chief Investment Officer at Vulcan Value Partners. He has over 30 years of experience and now manages over US$12bn of assets.

Investment style: C.T. and his team focus on finding a small number of very high-quality businesses that have the ability to compound in value over the long term. Then, when their share prices become discounted, the team make a move.
“We look for businesses that have inherently stable values. These businesses are rarely cheap, but we follow them anyway, and when they do become discounted, we’re ready to invest in them, and those form our portfolios.”
Managing the managers

The performance of both Alliance Trust’s equity managers and the overall portfolio is overseen by the Investment Committee, which is chaired by Craig Baker, Global Chief Investment Officer at our Investment Manager, Willis Towers Watson*. The Investment Committee is wholly accountable to the Board, and is charged with the following responsibilities:

Other key members of the committee include Senior Portfolio Managers Stuart Gray and Mark Davis. Together the team brings to bear over 75 years of invaluable investment experience. They are supported by a team of about 120 research and portfolio management professionals around the world.

*The Alliance Trust Board has appointed Towers Watson Investment Management Limited (TWIM) as its Alternative Investment Fund Manager (AIFM). TWIM is part of Willis Towers Watson (WTW). On this website we refer to both TWIM as Willis Towers Watson or ‘WTW’.

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