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 ...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
