An open and closed case for investment trusts?

As investment trusts prepare to be shunted under the FSA's umbrella it seems clear the powers that b...

As investment trusts prepare to be shunted under the FSA's umbrella it seems clear the powers that be see them as funds rather than companies. It is quite easy to see why the Treasury would think like this. After all, boards of directors have not on the whole demonstrated added value in the bear market. If anything, the use of a split-cap structure exacerbated problems of a falling market because it raised the question of how a board, meant to look out for the interests of shareholders, could fairly deal with the competing claims of more than one class of shareholder. It is quite easy to ...