Alliance Trust 

Alliance Trust Saving's chief Mill exits

Alliance Trust Saving's chief Mill exits

Patrick Mill is to leave Alliance Trust Savings after five years as chief executive of the Dundee-based investment platform.

The company confirmed in a statement this afternoon (30 November) that Mr Mill will be replaced on an interim basis by Ron Baxter, chairman of the business.

Mr Mill became chief executive of the company in 2012, following two years as head of sales.

He previously spent five years as sales director at Prudential.

Mr Baxter said: “On behalf of the board, I would like to extend our thanks to Patrick for his contribution over the last seven years, during which time assets under administration have increased to over £15bn.

"We wish him well in his future endeavours. We have a strong management team and excellent staff to take the business forward."

The official announcement of the exit of Mr Mill did not contain a quote from the outgoing chief executive.

There was no mention of Mr Mill's plans for the future.

Alliance Trust Savings has been plagued by technology issues as it replatforms.

The company had to refuse to take new business late last year as it changed technology provider.

Back in 2014, Alliance Trust Savings signed an agreement with technology provider GBST to power the platform, and started migrating existing customers towards the end of 2015. 

The company’s chief operating officer, Allison Fower left the company earlier this year.

Figures released in March showed the platform made a profit of £1.2m for 2016.

The firm's financial year runs the same as the calendar year.