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Deals Of The Day: The Latest In Wealth Management M&A? – Alliance Witan

Editorial Staff

27 June 2024

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 £5 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.