Update: IA scraps plans for UK mid-cap sector following industry feedback

14 funds would have be affected

The Investment Association (IA) has decided not to go ahead with plans to launch a UK mid-cap sector, saying the launch was not "viable" following feedback from fund groups, Investment Week can reveal.

The industry body had previously written to members seeking feedback on the potential launch of a UK mid-cap sector, which would have included 14 UK equity funds at the outset.  In a letter to members, the IA said the Sectors Committee had been discussing the sub categorisation of the IA UK All Companies sector, and whether sector users, particularly consumers and their advisers, would benefit from a UK Equity Mid Cap sector. The letter said: "In light of the above and the fact that you have funds which appears to focus solely on investment in UK mid-cap companies, we would like to ca...