Only a 'handful' of managers to join Baillie Gifford and Fidelity in race for unlisted assets in trusts

11 trusts since 2018

Since 2018, ten trusts gained approval to expand unquoted exposure, with one more due to vote on a proposal shortly. All these trusts are run by just two asset managers, Baillie Gifford and Fidelity International, and experts think there will only be a “handful” of more firms likely to join their ranks due to the challenges private market investing poses.

Of the 11 trusts that changed or are looking to change their investment philosophy, four were asking to adopt unlisted exposure, with the remainder asking for an increase. Nine of the trusts are run by Baillie Gifford, with the remaining two run by Fidelity. Following the Baillie Gifford changes, the firm now has just two trusts, the Japan Trust and Scottish American, which do not have a philosophy that explicitly allows unlisted exposure. Investment Week understands that Baillie Gifford has no intention for those two trusts to invest in private assets. Fidelity, meanwhile, said that ...