The board of the £3bn Alliance Trust is in discussions to sell the Alliance Trust Savings platform.
As FTAdviser has previously reported, Alliance Trust has been subject to sweeping changes in recent years, with the outsourcing of the investment management function to Willis Towers Watson.
In addition to its quoted equity portfolio, the trust continues to own a portfolio of private equity investments, and the Alliance Trust Savings retail investors fund supermarket.
Craig Baker, who runs the equity portfolio for Alliance Trust but is employed by Willis Towers Watson, said the question he gets asked most often by shareholders is about the platform business.
In the latest half year report of the trust, out on 26 July and made up to the end of June, its chairman, Lord Smith of Kelvin provided some clarity.
He stated: "Over the period Alliance Trust Savings (ATS) has delivered an improvement in both customer service and operational performance.
"We have received a number of expressions of interest in ATS and are currently considering whether a change of ownership would be in the interests of Alliance Trust shareholders and ATS’ customers and staff.
"Discussions with interested parties, each of whom envisage maintaining or growing ATS' presence in Dundee, are at an early stage and there can be no certainty that the board of Alliance Trust will decide to sell ATS."
In March Alliance Trust placed a value of £38m on the platform business for accounting purposes, which represented a reduction in value of £23.5m.
The company said customer service issues meant the platform business recorded a loss of £6.1m, which increased to £19.3m after exceptional items.
david.thorpe@ft.com
