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Alliance Trust proposes investment manager in strategy shake-up

(Reuters) - Scottish asset manager Alliance Trust proposed Willis Towers Watson (WTW) to be its investment manager, a month after it announced a strategy overhaul, including outsourcing its equity portfolio management. Alliance, one of Britain's largest investment trusts, faced pressure in 2015 from activist investor Elliott Advisors who said it needed a shake-up given the fund's underperformance and the gap between its shares and the value of the assets it holds. When it announced the plan last month, it said it aimed to double its pace of outperformance against a global equity benchmark index. Confirming its target on Monday, Alliance said WTW had selected as equity managers Black Creek Investment Management, First Pacific Advisors, GQG Partners , Jupiter Asset Management Limited, Lyrical Asset Management, River and Mercantile Asset Management, Sustainable Growth Advisers and Veritas Asset Management. (Reporting by Noor Zainab Hussain in Bengaluru; editing by Susan Thomas)