Lord Smith of Kelvin named new Alliance Trust chairman

Dundee-based investor Alliance Trust has announced the appointment of Robert Smith, Lord Smith of Kelvin, as its new Chairman.

Subject to regulatory approval Smith will replace Karin Forseke who stepped down as chair of the investment trust’s board in November.

The previous month the Trust announced 1 that is was undergoing a £6m cost-saving plan that included cutting fees, changing the asset allocation of the trust and separating out the investment management of the trust to make it more accountable. The company also created separate boards for Alliance Trust and Alliance Trust Investments.