Investment Trusts

Investment Week's Investment Company of the Year Awards 2013 were held last night in London, rewarding the top talent within the closed-ended fund space.

Anthony Bolton's successor Dale Nicholls has revealed how he plans to make his own impression on the Fidelity China Special Situations investment trust when he takes over on 1 April next year.

INVESTMENT TRUSTS

Neil Woodford has warned investors in his £1.3bn Edinburgh Investment trust that the recent period of strong performance is unlikely to continue if the Federal Reserve tapers bond purchases.

TwentyFour Asset Management has raised £55m for its TwentyFour Income fund, more than the firm had targeted, after strong investor demand.

INVESTMENT TRUSTS

Alliance Trust has suffered a slowdown in returns in the third quarter which it said was due to its high allocation to US equities.

Angus Tulloch and Martin Lau, managers of the Scottish Oriental Smaller Companies trust, have bagged a performance fee of £1.7m over the year to the end of August.

Threadneedle has abandoned plans to launch an Asset Backed Income trust after it failed to raise sufficient capital, Investment Week can reveal.

Investment company purchases on platforms by advisers and wealth managers are up 53% in the first six months of 2013 against the same period last year, research by the Association of Investment Companies (AIC) shows.