The Association of Investment Trust Companies is to drop the word trust from their title, to reflect the changing investment company environment. They have said that the majority of their closed-end investment company launches have been offshore in the last two years, and while these are not technically investment trust firms, it wants to attract them as members. They have been signing these firms as members for a trial period, but hope to make it permanent.
They have also brought in 46 Aim-listed companies, and may also allow membership to more than 100 Venture Capital Trusts in the future.
At an annual directors conference in London recently, they said that they are likely to rename themselves the Association of Investment Companies in October, although they may choose another name nearer the time.
Our view
The vast majority of collective investment schemes are no longer set up on a trust basis due to streamlined European laws, it seems logical for the word 'trust' to be dropped.