With merger regulations now in force, the venture capital trust industry looks set for consolidation as it reaches its tenth anniversary, yet some problems still need to be ironed out.
The venture capital trust (VCT) industry is approaching its tenth anniversary and is showing the first signs of becoming a more mature market. In recent months we have seen the transfer of the Advent funds and the removal of Classic Fund Managers by Downing as evidence of this greater maturity. Now we have the long-awaited merger legislation in force to help the market develop further. The nature of the VCT market is such that there are a relatively large number of small trusts. The potential for merger benefits is therefore high. For example, the merger of two trusts with different ad...
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