The Association of Investment Trust Companies (Aitc) has announced plans to change its name in what it says is a move that will reflect the evolving investment company universe and the Association's changing membership.
The Aitc, which made the announcement this morning during as part of its annual conference for directors, says growth in the UK-listed investment company sector has come largely from offshore investment companies in recent years. And while they are not ‘investment trusts’ in the legal sense, such companies, together with investment trusts are seen by the outside world as part of a single closed investment company world.
While the new name for the Association has yet to be finalized it is likely it will be the Association of Investment Companies (AIC) with the change being introduced by the end of the year.
Aitc membership will also now be opened to Aim listed investment companies that meet its membership criteria - principally that the company’s main purpose should be to deliver returns by having a diversified portfolio of investments.
The association is also currently discussing the possibility of extending membership to Venture Capital Trusts.
Daniel Godfrey, director general at Association of Investment Trust Companies (Aitc) says: "This is an exciting time in the Aitc’s history. The investment company universe is continually evolving and it’s critical that we are always able to adapt to meet the changing landscape. We need to ensure that we represent the entire community of investment companies that have shared interests and which are seen by the outside world as one market, wherever they may be domiciled.
"That’s why at our recent awayday the Aitc Board agreed both to change the Aitc’s name and to offer membership to Aim listed investment companies."
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