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AIC expands investment company universe

23 April 2018

10 investment companies added with assets totalling £3.24 billion.

The Association of Investment Companies (AIC) has expanded its universe of investment companies. From 31 March 2018, non-AIC member UK Real Estate Investment Trusts (REITs) which are funds and non-AIC member investment companies listed on the Specialist Fund Segment (SFS) of the London Stock Exchange have been added to the AIC’s universe.

The expansion of the universe has led to 10 investment companies being included with assets totalling £3.24 billion. The industry now has 399 investment companies with assets under management of £174 billion.

The change reflects the growing number of investment companies listed on SFS and UK REITs launched in recent years.

Ian Sayers, Chief Executive of the Association of Investment Companies, said: “This change makes sense considering the increased number of launches on the Specialist Fund Segment and the rising number of UK REIT launches which are funds. The investment company structure is particularly suitable for illiquid assets like property and debt and other specialist strategies. Our 2017 adviser platform purchases demonstrate that advisers are recognising this with four out of six of the most popular investment company sectors being in alternative assets.”

List of investment companies added to the AIC universe


AIC sector


Other information

Africa Opportunity

Country Specialists: Other



Gabelli Merger Plus+

North America



Alpha Real

Property Direct - Europe



Ground Rents Income

Property Direct - UK



Empiric Student Property

Property Specialist



Local Shopping REIT

Property Specialist



Primary Health Properties

Property Specialist



Supermarket Income REIT

Property Specialist




Sector Specialist: Debt



Chenavari Capital Solutions

Sector Specialist: Financials




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  1. Data correct as at 31 March 2018. Source: Morningstar.
  2. The Association of Investment Companies (AIC) was founded in 1932 to represent the interests of the investment trust industry – the oldest form of collective investment.  Today, the AIC represents a broad range of closed-ended investment companies, incorporating investment trusts and other closed-ended investment companies and VCTs. The AIC’s members believe that the industry is best served if it is united and speaks with one voice. The AIC’s mission statement is to help members add value for shareholders over the longer term. The AIC has 349 members and the industry has total assets of approximately £174 billion.
  3. Disclaimer: The information contained in this press release does not constitute investment advice or personal recommendation and it is not an invitation or inducement to engage in investment activity. You should seek independent financial and, if appropriate, legal advice as to the suitability of any investment decision. Past performance is not a guide to future performance.  The value of investment company shares, and the income from them, can fall as well as rise.  You may not get back the full amount invested and, in some cases, nothing at all.
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