Open-ended universe needs an arb kick

Arbitrage activity within investment trusts hit the headlines again last week, with Witan buying out...

Arbitrage activity within investment trusts hit the headlines again last week, with Witan buying out Carrousel for £65m and firms building large stakes in Fidelity Asian Values and Perpetual Japanese. Although the debate about whether arbs are good or bad for the investment-trust world continues, they have certainly shaken the industry out of its traditional lethargy. If only there was a similar force in the open-ended universe. For all the lists of dog funds or relegation zones put out by adviser firms, money rarely seems to leave the vehicles that prop up these tables. Within investmen...