4th Oct 2018 15:12
LONDON (Alliance News) - Alliance Trust PLC said Thursday it has "further simplified" its portfolio by agreeing the sale of certain non-core holdings in private equity assets to asset manager PineBridge Investments.
The holdings being sold accounted for less than 3% of Alliance Trust's total investment portfolio at the end of the half in June.
The FTSE 250-listed financial services company said the sale is aligned with its stated strategy of realising value from its non-core assets in order to focus on its global equity portfolio.
The total price payable for the assets is at a small discount to their combined net asset values.
Alliance Trust will be invested in "only a small number" of private equity holdings once the sale is completed, the total value of which was GBP13.4 million at the end of June.
Shares in Alliance Trust were down 1.0% Thursday at 765.52 pence each.
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