Alliance Trust is branching out into asset management with the launch of two new funds for both institutional and retail investors.
Alliance manages about £2.5bn in equities, private equity and property assets. It plans to expand the group’s investment team over the next 18 months and launch other funds.
Meanwhile, Aberdeen Asset Management, which has around 8% of its assets in property, fell 7p to 159.75p after a trading update in which it said it had finalised its last payment for Deutsche Asset Management’s UK fund management business.
References: Financial Times 26/09/06 page 26, The Independent 26/09/06 page 49 (The Investment Column), The Daily Telegraph 26/09/06 page B10 (DataBase)
