Managers want second VCT market

While the VCT industry has grown to include more than £2bn of assets under management since its creation in 1995, there is currently no real secondary market for the products. But Shane Elliott, associate director of VCT provider Noble Fund Managers, said he expects to see a secondary market emerge. Elliott said: “It is the thing the market needs because it is very difficult for investors to exit from a VCT. A buyback policy is the best way to exit from a VCT, by selling shares back to the fund manager.” He added: “I think there is a point where fundraising will stop and the secondary m...