James Saunders Watson, head of marketing, investment trusts, at J.P. Morgan Asset Management, analyses the record number of new trust launches in the first half of 2013.
The number of new investment trust launches in 2013 so far has already surpassed last year’s figure, with ten successful initial public offerings (IPOs) between 1 January and 2 July and another three due to come to market in the near future. This compares with seven in the whole of 2012. The long-term trend of investment trust IPOs has been broadly similar to IPOs on the London Stock Exchange as a whole. However, a massive spike in the mid-2000s – caused mainly by a glut of fund of hedge fund vehicles and AIM listed property funds – has arguably skewed perceptions; giving rise to a fe...
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