Witan and Alliance Trust plan to combine to form Alliance Witan

The Boards of Witan Investment Trust plc and Alliance Trust PLC have announced to the London Stock Exchange (LSE) the intention to combine to create Alliance Witan PLC. This would result in the UK’s largest ever investment trust merger, and take place during Witan’s 100th year as a quoted company on the London Stock Exchange. 

The proposed combination follows a strategic review by the board of Witan of its investment management arrangements, which was triggered by the planned retirement of Andrew Bell, Witan’s Chief Executive Officer. Witan’s assets will be transferred to Alliance Trust, in exchange for Witan shareholders receiving an issue of shares in Alliance Witan.  

The combination will build upon the distinctive multi-manager investment model already employed by Alliance Trust, which utilises the proven management skills and deep resources of Willis Towers Watson (WTW) to create an actively managed global equity portfolio chosen by best-in-class stock pickers. Alliance Witan will apply that methodology within an even more liquid, high-profile and cost-efficient “one stop shop” investment vehicle for global equities. With net assets of around £5 billion, significant economies of scale, eligibility for FTSE 100 inclusion, powerful and well-established brand recognition on both sides, Alliance Witan will aim to be the UK’s leading global equity investment proposition, sitting at the core of investors' portfolios. 

Read the press release and full LSE announcement.  

Witan and Alliance Trust: Better Together

Watch Andrew Ross, Chair of Witan, and Dean Buckley, Chair of Alliance Trust, discuss the key aspects of the proposed transaction, along with the benefits for shareholders, with Asset TV’s Mark Colegate.  

Key benefits of the combination:

  • Best-in-class investment management

  • Strong investment performance track record

  • Attractive and progressive dividends per share

  • Large scale and FTSE 100 inclusion

  • Lower management fees

  • Lower ongoing charges

  • Significant contribution to costs from Willis Towers Watson

  • Tangible economic upside for both sets of shareholders

Andrew Ross, Chairman of Witan, commented: "Since Witan’s CEO Andrew Bell announced his intention to retire, we have been through an extensive process to identify the best candidate to take on the management of our shareholders’ assets. The board assessed a number of very strong proposals, including single-manager candidates with impressive track records. However, the Board was unanimous in recommending the combination with Alliance Trust, which allows the continuation of our multi manager approach at lower fees and in a larger, more liquid vehicle. The companies share similar cultures and a mutual desire to provide a “one stop shop” for retail investors in global equities. I am delighted to announce this transaction, the largest ever investment trust combination, in Witan’s 100th year as a quoted company on the London Stock Exchange. The deal will result in one of the leading investment companies listed in London and will stand our shareholders in good stead for many years to come." 

Witan shareholders can email [email protected] with any questions, or alternatively speak to a Financial Adviser.