James Carthew has replaced Richard Barnett as manager of the Advance UK 'vulture' fund, and taken an upfront stance by calling for corporate reform at Alliance Investment Trust. Barnett has elected to take a more part-time role at Advance UK, originally launched by Duncan Duckett, the Marshall Securities broker, alongside Advance Developing Markets (ADM).

Duckett went on to put his energies into Villiers, a shell company, which is now transformed into Ultrasis, a medical group.