'Katherine the Great' has doubts about upturn

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Katherine Garrett-Cox, chief executive of investment company Alliance Trust, today reported total shareholder returns for her investors of 8.8% in the first half of the year.

That is not much compared to the 50% rise in global stockmarkets since March and puts Alliance Trust just 36th out of a league table of 44 similar investment companies.

But Garrett-Cox said Alliance Trust is not interested in racier run-ups in emerging markets, but instead quality, dividend-paying multinationals.

"We are sceptical of the speed of recovery and we remain fearful of the prospects for the UK economy," she said.

Alliance Trust is backing banks like HSBC and Standard Chartered, rather than the likes of struggling Royal Bank of Scotland and Lloyds Banking Group.