Investment company secondary fundraising hits record level in 2019

All-time high £6.9bn raised

Fundraising from existing investment trusts hit a record £6.9bn in 2019, up from £4.8bn in 2018, despite new issuance more than halving compared to the previous year, data from the Association of Investment Companies (AIC) shows.

Secondary raises from investment companies were strong during 2019, surging through the previous all-time high of £6.3bn, set in 2017. The year included the highest amount raised during a first-half period at £4bn in H1 and the best ever month at £1.3bn in October. Industry assets breached £200bn for the first time ever in July, while the average investment company discount hit its narrowest-ever level of 0.4% at the end of February, before widening slightly to 3.2% by end-November. AIC continues revamp with Utilities sector name change The AIC's CEO Ian Sayers noted the "successfu...