Alliance Trust CEO agrees to step down

Katherine Garrett-Cox at Alliance Trust has agreed to step down as chief executive officer.

Alliance Trust announced this morning its chief executive officer, Katherine Garrett-Cox, is to step down next month.

In a statement released this morning, the fund management business explained the move was “mutually agreed” following discussions between the board of Alliance Trust and Garrett-Cox.

Responsibilities are to be passed over to the team who will continue to manage £5 billion of funds until a new chief executive officer is appointed.

Peter Michaelis, who joined Alliance Trust in 2012, and has been managing its equity portfolio since 2014, will head up the team and look after investment responsibilities.

Lord Smith of Kelvin, chairman of Alliance Trust, explained in the statement that the business is “undergoing significant change to improve both its operating performance and investment returns.”

Kelvin added: “This process is well underway and it is clear to us all that the role of chief executive of Alliance Trust Investments has changed significantly. I and the rest of the board wish Katherine every success in the future.”

Garrett-Cox also commented on the decision, saying she was proud of her achievements as CEO over the past nine years.

She said: “I leave Alliance Trust Investments with a strong team who are already delivering improved investment returns and driving down costs.”

Garrett-Cox joined Alliance Trust as chief investment officer in 2007, before being appointed as chief executive officer in 2008.

Alliance Trust PLC currently has over £3 billion of assets.