LONDON (Reuters) - Investor interest group ShareSoc on Tuesday launched a shareholder action group to seek changes at Alliance Trust (L:ATST), two weeks after the investment firm settled a fight with activist investor Elliott Advisors to overhaul its board.
ShareSoc said the 127-year old company led by Katherine Garrett-Cox should sell Alliance Trust Savings, divest Alliance Trust Investments and consider outsourcing of investment management, repeating demands that surfaced during the trust's six-week tussle with Elliott.
Alliance Trust agreed to revamp its board by appointing two of the three directors pushed by Elliott late last month.
"Alliance Trust went through a period of intense engagement with all shareholders ahead of the AGM and received a large amount of diverse feedback," a spokesman for the investment trust said in a statement.
"The board is currently analysing that feedback and recognises the need to maintain high levels of engagement with all investors, both private and institutional."
ShareSoc, which represents individual investors who invest in the UK stock markets, had advised shareholders to vote in favour of Elliott's proposals.