Plans to place hedge funds underthe same pay regulations as banks were first unveiled in November last year, as part of the EU's controversial Alternative Investment Fund Managers directive.
Just like much of the rest of the financial services industry hedge funds have come under increased pressure by investors since the financial crisis in 2008.
The Alliance Trust leadership first came under intense pressure from Laxey last year, when thehedge fund manager - which owns 1.7% of the company - complained that the discount on the Dundee company's assets had been too large.