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| Alliance chief Garrett-Cox refuses to be 'bullied' into appointing City heavyweights to the board | |
| (about 11 hours later) | |
| Katherine Garrett-Cox, the chief executive of Alliance Trust, is preparing for battle with Elliott Advisors, the hedge fund hoping to shake up the Dundee-based investment firm. | Katherine Garrett-Cox, the chief executive of Alliance Trust, is preparing for battle with Elliott Advisors, the hedge fund hoping to shake up the Dundee-based investment firm. |
| She told the Sunday Times that she would not be “bullied into something just because someone stands up and shouts at us”. | She told the Sunday Times that she would not be “bullied into something just because someone stands up and shouts at us”. |
| Elliott Advisors, which has spent five years building up a 12 per cent stake in Alliance Trust, hopes to appoint three City heavyweights to Alliance’s board, it says, to improve performance and cut costs at one of Britain’s oldest investment companies. | Elliott Advisors, which has spent five years building up a 12 per cent stake in Alliance Trust, hopes to appoint three City heavyweights to Alliance’s board, it says, to improve performance and cut costs at one of Britain’s oldest investment companies. |
| The three are Anthony Brooke, former BZW and Warburg investment banker, Peter Chambers, former chief executive of Legal & General Investment Management and Framlington, and Rory Macnamara, a former corporate financier at Morgan Grenfell and Lehman Brothers. | The three are Anthony Brooke, former BZW and Warburg investment banker, Peter Chambers, former chief executive of Legal & General Investment Management and Framlington, and Rory Macnamara, a former corporate financier at Morgan Grenfell and Lehman Brothers. |
| Ms Garrett-Cox said the appointments would be “one step towards something that our shareholders are very unlikely to want”. | Ms Garrett-Cox said the appointments would be “one step towards something that our shareholders are very unlikely to want”. |
| She added that the three proposed appointments “just can’t be regarded as fully independent and we pride ourselves on having a very robust, thorough and open recruitment process”. | She added that the three proposed appointments “just can’t be regarded as fully independent and we pride ourselves on having a very robust, thorough and open recruitment process”. |
| She is believed to have the support of The Beano publisher DC Thomson, which owns 6 per cent of Alliance. | She is believed to have the support of The Beano publisher DC Thomson, which owns 6 per cent of Alliance. |