Kyle Caldwell talks to Ian Sayers, the director general of the Association of Investment Companies, about how closed-ended vehicles can fight their way into clients' portfolios after 2012.
It was during a 45-minute train journey on a bleak winter morning that Ian Sayers first came across the terms ‘discount’ and ‘split capital’ in a pamphlet explaining the key attributes of the closed-ended sector. Sayers was at the time working for Ernst & Young in the investment management division, which had a large stake in 3i Group. In 1994 the private equity firm floated on the London Stock Exchange and gained investment trust status. “None of us in the division had a clue what an investment trust was. Everyone found them a bit odd, but with the conversion of 3i, we all had to rea...
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