Platform Alliance Trust Savings (ATS) has hired former Friends Life chief financial officer Tim Tookey as its chairman.
Last October ATS announced plans to appoint a chairman as part of a restructure within parent company Alliance Trust.
The investment trust split its businesses into two separate entities, Alliance Trust Investments and ATS. Each division has its own independent board and cost base.
Tookey (pictured) is the third person to join the ATS board since the start of the year. In January the platform appointed LV= financial controller Jonathan Anderson and Intrinsic non-executive director Gregor Stewart to its board.
Patrick Mill, chief executive of ATS, said the new board members would improve the platform’s financial performances and push it towards profit.
ATS has struggled to reach profitability in recent years. In 2015 it posted a £5.2 million pre-tax loss, compared to a £3.9 million loss the previous year.
However, Mill said the new board members’ experience would be ‘invaluable in driving the business forward to deliver a meaningful profit in 2016 and beyond.’
Earlier this week Alliance Trust revealed it received a bid from rival investment trust RIT Capital and launched a strategic review of the business. In a market update it said RIT’s bid was at an early stage and did not contain any information about how it would approach ATS.
Source: New Model Adviser