About us | History | Objective | Group Structure | Key Facts


1918 - 23 - Shared location in Dundee at Meadow House

Owing to the failing health of one of the managers, the directors of the Western & Hawaiian Investment Company agreed to share premises, management, staff and administration costs with the The Alliance Trust. In 1923, the Hawaiian Investment Company was renamed The Second Alliance Trust. The minutes of Second Alliance state that the two trusts should merge when 'the time is right'. Back then, the investment companies were very different and formal merger of the two companies did not proceed.


1925 - Investment policy transformed

After difficult mortgage lending conditions in the early 1920s, the Board decided in 1925 to withdraw as swiftly as possible from mortgage activities and to switch the main emphasis to bond and share investment. This gradually widened to include overseas exposure.


1929 - Issue of shares by The Alliance Trust

There was not another share issue from The Alliance Trust until June 2006.


1946 - 1966 - The cult of the equity

In the 20 years following World War II, there was a remarkable surge in equity stock markets worldwide and The Alliance Trust was well positioned to participate. The fixed interest proportion of assets managed was reduced from 60% in 1946 to under 5% by the mid-1960s. Equity investments were made in new and expanding industries, both at home and overseas.


1873 - 1888 | 1918 - 1966 | 1969 - 1998 | 2005 - Present