The number of wealth managers and advice firms purchasing investment companies hit a record high in Q3 last year, beating the previous record set in 2016, according to figures from Matrix Financial Clarity for the Association of Investment Companies.
The number of firms that bought investment companies via adviser platforms in the third quarter of 2021 was 2,157, up from 1,983 in the previous quarter. The previous record, from the third quarter of 2016, was 2,014 firms. At this time demand for the structure was high following the gating of several open-ended property funds. Retail investors hungry for alternative investment trusts Nick Britton, head of intermediary communications at the AIC, said: "Since the Retail Distribution Review we have seen an upward trend in the number of firms buying investment companies on adviser...
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