This represents the UK’s largest ever investment trust merger, and the London Stock Exchange has formally admitted Alliance Witan plc (LSE: ALW) to the exchange at yesterday’s market opening.

The combination will build upon the successful multi-manager strategy employed by Alliance Trust to create an actively managed global equity portfolio with assets of around £5 billion that provides an even more liquid and cost efficient “one stop shop” for investors.

Investec Bank plc acted as lead financial adviser, sole sponsor and corporate broker to Alliance Trust, with Dickson Minto joint financial adviser. JP Morgan Cazenove were corporate broker to Witan and their legal adviser was Herbert Smith. Quill PR also advised on the transaction.

Dean Buckley, chair of Alliance Witan, said: “Combining our two historic companies, established in 1888 and 1909 respectively, is an historic moment.

“We believe our greater scale will bring substantial benefits for shareholders, including a higher profile through potential entry to the FTSE 100, lower management fees and ongoing charges, attractive dividends, and access to Willis Tower’s Watson’s proven investment process.”