[4] Many prominent figures in Dundee invested some of their money in the Alliance Trust and its predecessors, including merchants, ship owners, textile manufacturers and businessman such as Sir John Leng.

In 1918 the firm agreed to share premises and other costs with the Western & Hawaiian Investment Company,[6] a mortgage lender which initially focused its business on sugar planters in Hawaii before expanding.

[9] A formal merger with The Second Alliance Trust was finally conducted in 2006,[10] as the investment strategies of the two companies had come to closely resemble each other.

[5][15] Following criticism by Elliott Advisors,[16] an activist shareholder, Katherine Garrett-Cox stood down as Chief Executive and left the company in March 2016.

[20] In December 2016,[21] the board announced that the Trust would change its investment philosophy to a multi-manager model in a bid to improve performance.