Alliance Trust, the investment trust under attack by an American hedge fund, has come under fire on a second front.
Tim Ingram, a former non-executive director who claims that he was eased out of the embattled investment trust, has written to shareholders, 60,000 of whom are private investors, arguing that Alliance had lagged the average return in its sector over five years.
Commenting on the reason he had decided to enter the fray, he said last night: “I [had] thought we should discuss performance and whether we should outsource fund management.
“These things were verboten on the board to discuss. There’s a chance to bring proper, normal plc board governance to the company, which it’s never had . . . It [Alliance] could be so