THE savings business owned by Dundee-based investment house Alliance Trust has increased assets under administration (AUA) above £15 billion.

Alliance Trust Savings, which has been separated out as a distinct entity with its own executive function and non-executive board, reported a 10 per cent rise in AUA in the first five months of the year. It flagged strong new business inflows from 110,000 direct, intermediary and partnership channel customers, which the savings firm said are attracted by its flat fee pricing model and broad investment choice.

Patrick Mill, chief executive of Alliance Trust Savings, said: “Reaching £15bn AUA is yet another milestone in our ambitious growth plans and demonstrates continued success across our three distribution channels.

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“Our return to profitability last year proves the strength of our flat fee model and the greater certainty it gives over our revenue, compared to percentage fee models, especially in volatile markets.

“And, with the recent addition of Craig Wood, our new chief finance officer, to our executive committee, we are well positioned to continue this momentum to build an even more sustainable and profitable business for the future.”

In April, the running of Alliance Trust’s fund management operation was outsourced to Willis Towers Watson as part of the £2.5bn trust’s transition to a multi-manager approach.