Dundee investment trust company Alliance Trust plc, which uses external fund managers Willis Towers Watson (WTW), said on Wednesday it has terminated Lomas Capital Management LLC as one of its stock pickers.

“Alliance Trust PLC today announces that the appointment of Lomas Capital Management LLC (Lomas), one of its nine stock pickers has been terminated,” said the Dundee firm.

“Lomas is being wound-down following the decision of two of its senior portfolio managers to retire.

“Willis Towers Watson, the company’s investment manager, is in the process of reallocating the part of the company’s portfolio managed by Lomas between the company’s eight other stock pickers.

“The termination of Lomas’ appointment will be effective once the reallocation has been completed.”

Last October, WTW said it had appointed Lomas Capital Management LLC to be “one of the best-in- class stock pickers in its multi-manager investment strategy” and that Lomas was allocated 9% of the company’s roughy £3 billion portfolio to manage.