DUNDEE (dpa-AFX) - Alliance Trust PLC (ATST.L) Wednesday said it has agreed to combine with Witan Investment Trust plc to form Alliance Witan PLC.
The combination will see Witan's assets rolled into Alliance Trust under s.110 of the Insolvency Act, in return for newly issued Alliance Witan shares to the continuing Witan shareholders. Alliance Trust's investment manager, Willis Towers Watson will be responsible for managing the combined assets.
'With net assets of around £5 billion, significant economies of scale, eligibility for FTSE 100 inclusion, powerful and well-established brand recognition on both sides, and proven marketing expertise backed by dedicated resources and budget, Alliance Witan will aim to be the UK's leading global equity investment proposition, at the core of retail investors' portfolios,' Alliance Trust said in a statement.
The deal is expected to be completed by early fourth quarter of this year.
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