Do ITs need to abandon 'cosy club' image?

ITs

Investment trust providers often campaign for more space in the press for closed-ended vehicles and this week they got their wish.

However, they may not have been overly happy with Rathbones multi-asset manager David Coombs’ call for the industry to ‘overhaul its cosy club image’. The term implies a closed-off community with members keen to preserve the status quo and where new entrants or innovation are looked on with some suspicion. Coombs wants the wealth management community to have greater representation on the boards of investment trusts: “In many cases, the non-executive directors are drawn from the asset management community (sellers) rather than wealth management (buyers), which is odd considering they are...