UK-based Alliance Trust Investments, a wholly-owned subsidiary of Alliance Trust, has undertaken a “comprehensive review” of its fund range, involving the closure of three funds and the departure of numerous investment team members.

Subject to FSA approval, the firm said steps will be taken to close the UK Equity Income, Asia-Pacific Equity and Japan Equity funds.

"As a consequence of these changes, a number of the investment team will leave with immediate effect and a small number of other investment roles have been made transitional, with individuals able to apply for roles in the new structure," the firm said in a statement. 

But the firm declined to comment on exactly how many members of the team had left when contacted by WealthBriefing.

Meanwhile Alliance Trust has adopted a new approach to the management of its equity portfolio, which is part of the strategy outlined in 2008 by chief executive Katherine Garrett-Cox to revert the firm to its core focus on global equities and fixed income.

The firm said it will reorganise its four regional equity portfolios into the existing global portfolio. Under the new structure, Ilario Di Bon will become head of equities, supported by a global equity team and reporting directly to Garrett-Cox.

The new team structure will create a “more focused and efficient investment process”, helping to maximise risk-adjusted returns. The team will also reduce the number of stocks held in the portfolio by adopting a “higher conviction” investment approach, the firm said.