Boutiques' trusts trade at a premium

Houses with significant assets under management in the trust world have next to nothing in the open-ended market

Boutique investment trust managers run a fraction of the industry's assets but manage six out of 10 of the trusts trading on the highest premiums. The open-ended funds world has been dramatically changed by the advent of boutiques and while a similar process is happening to investment trusts, the houses driving the change are largely different. Those boutiques that have succeeded in establishing a significant presence in terms of assets under management in the trust world have negligible positions in the open-ended market. In order of size, the largest trust boutique is Witan with £1,...