Dean Buckley

The company’s total returns slightly underperformed against the benchmark MSCI ACWI index, primarily due to lower holdings in tech giants Apple and Nvidia.

Despite this, the trust has declared a 5.8% increase in interim dividends, bringing the total for the first half of 2024 to 13.24p. Additionally, the proposed merger with Witan Investment Trust is awaiting shareholder approval.

Dean Buckley, chair of Alliance Trust PLC, commented: “It has been an eventful period. Returns have been strong and we have announced the company’s intention to combine with Witan Investment Trust plc to create Alliance Witan PLC.”

On the proposed merger with Witan, Mr Buckley added: “The proposed transaction will not lead to any change in Alliance Trust’s successful investment strategy, just a larger pool of assets for the company’s investment manager, Towers Watson Investment Management Limited, to manage in the same way that it currently manages the existing portfolio.

“This will result in economies of scale, meaning lower ongoing charges for shareholders, and a higher profile for the company which will hopefully attract additional interest from potential investors. A significant contribution from WTW will ensure that none of the transaction costs fall on Alliance Trust shareholders.”