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James Budden, marketing and distribution director at Baillie Gifford
Since 2018, ten trusts gained approval to expand unquoted exposure, with one more due to vote on a proposal shortly. All these trusts are run by just two asset managers, Baillie Gifford and Fidelity International, and experts think there will only be a “handful” of more firms likely to join their ranks due to the challenges private market investing poses.
Of the 11 trusts that changed or are looking to change their investment philosophy, four were asking to adopt unlisted exposure, with the remainder asking for an increase. Nine of the trusts are run by...
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