Mergers and acquisitions in the wealth management industry have resulted in a smaller group of large managers, who oversee such large sums that it makes it difficult to put money into small investment trusts. Wealth managers divested some 1.2m investment trust shares last year, marking a 7 percent drop in the number of shares held the previous year.
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Wealth managers dump investment trust shares
“Both activists and private equity are spotting the huge valuation opportunity in the investment trust sector," said Darius McDermott, managing director of FundCalibre.
