Alliance Trust, the Dundee-based investment trust company, will list on the London Stock Exchange today as the UK's largest generalist investment trust company, following its successful merger with sister company, Second Alliance. The merger gives Alliance Trust a market capitalisation of £2.24 billion ($4.1 billion), placing it just outside the FTSE 100 and also making it the ninth-largest Scottish company. F&C Investment Trust was previously the biggest with a market capitalisation of about £1.9 billion. In accordance with the terms of the merger, each Alliance Trust share of 25 pence will be divided into 10 new ordinary shares of 2.5 pence. According to asset value ratios 8.7453 new Alliance Trust shares will be issued for every 1 Second Alliance share held at 6pm on 20 June 2006. This will admit 671,909,760 new Alliance Trust shares of 2.5p to the Official List and to the London Stock Exchange this morning. Overall there are 60,000 shareholders. Alliance Trust Savings, which administers self-invested personal pensions and a choice of investment wrappers, became a 100 per cent subsidiary of the Alliance Trust following the merger. Lesley Knox, chairman Alliance Trust, said: “The merger, which won overwhelming support, allows us to go forward as one, simplified company, totally focused on creating value for our shareholders by continuing to invest wisely across different asset classes, while balancing risk.” Shareholders of both companies approved the merger on May 10 2006.