Elliott Advisors attack is a threat to our future, warns Alliance Trust’s Garrett-CoxComments Off on Elliott Advisors attack is a threat to our future, warns Alliance Trust’s Garrett-Cox
Elliott Advisors, the UK arm of a New York hedge fund, hopes to appoint three City heavyweights on Alliance’s board to improve performance and cut costs.
The threesome are former BZW and Warburg investment banker Anthony Brooke, former chief executive of Legal & General Investment Management and Framlington Peter Chambers and Rory Macnamara a former corporate financier at Morgan Grenfell and Lehman Brothers.
They were selected from a short list drawn up by headhunter Spencer Stuart.
However, Garrett-Cox questioned their suitability and independence.
Chambers was interviewed about becoming chairman four years ago, while Macnamara has ties with Laxey Partners, another activist investor, which twice tried to remove her.
“If they are appointed, we think Elliott will pursue a short-term agenda aimed a facilitating an exit from their shareholding in the company,” she said.
Elliott has previously stirred up trouble at National Express, Game Digital and Morrisons.