M and A
Deals Of The Day: The Latest In Wealth Management M&A? – Alliance Witan
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The latest mergers, acquisitions and other corporate actions in the wealth management sector.
Alliance Witan
Two investment trusts listed in the UK, Alliance Trust and Witan
Investment Trust, have agreed to merge into a single entity,
Alliance Witan, holding net assets of about ÂŁ5 billion ($6.33
billion).
The merger follows a strategic review by the board of Witan of
its investment management arrangements, triggered by the planned
retirement of Andrew Bell, Witan’s CEO, the trusts said in a
statement yesterday.
The groups said the pact will build on Alliance Trust’s
multi-manager investment model that uses the expertise of Willis
Towers Watson to assemble portfolios.
Under terms of the transaction, Witan will roll into Alliance
Trust in exchange for the issue of new Alliance Witan shares to
the continuing Witan shareholders. Alliance Trust’s investment
manager, WTW, will have overall responsibility for managing the
assets of the combined Alliance Witan.
