Alliance Trust, which five months ago averted a showdown investor vote after coming under sustained fire from activist hedge fund Elliott Advisors over its performance and strategy, has unveiled its promised blueprint to improve governance, strategy and performance at the 127-year-old investment trust.

The changes, which Alliance Trust said are aimed at enhancing shareholder value, were announced by the listed trust in a statement on October 1, with key plans including a clear delineation between the board and the executive management of the trust, a sharpening of its investment focus, and a clear mandate for its investment team, with performance to be more easily assessable going forward.