SCOTTISH business doyen Lord Smith of Kelvin has stepped down as chairman of Dundee-based Alliance Trust.

The Glasgow-born peer vacates the role today after “three and a half eventful years”, during which time the trust outsourced the management of its portfolio following a campaign for change led by activist investor Elliott Advisors. Alliance also sold its in-house investment management business, Alliance Trust Investments, and its investment platform, Alliance Trust Savings following the campaign.

Lord Smith has been succeeded as Alliance chairman by deputy Gregor Stewart.

Lord Smith said: “I feel very privileged to have served as chairman of Alliance Trust which has a long and proud history and would like to thank all its stakeholders for their support during my tenure as chairman.

"As we have now completed the simplification of the Trust, I am pleased to be able to hand over to Gregor.”