Valenzuela starts his role at the end of May and will be based in Edinburgh, reporting to the firm's head of fixed income, Rod Davidson.

Prior to joining Alliance Trust, Valenzuela spent six years at Scottish Widows Investment Partnership, most recently as investment director for the Absolute Return Bond Fund.

Alliance Trust Investments is a wholly-owned subsidiary of UK-listed Alliance Trust, which has £2.5 billion (about $4.1 billion) in assets under management.