Wealth managers’ share of investment companies holds steady while private investors’ share increases

Source: theaic.co.uk / Argus Vickers

The AIC’s report, ‘The ownership of investment companies’, is based on analysis of investment company holdings worth £187 billion – 90% of the total industry market capitalisation of £208 billion – as at the end of December 2025. The analysis excludes VCTs. The underlying shareholder data is from Argus Vickers.

Richard Stone, Chief Executive of the Association of Investment Companies (AIC), said: “During a tumultuous time for investment companies, it is good to see that wealth managers’ share of the industry has held steady and that private investors have continued increasing their share. We are not quite at the point where every headwind is turning into a tailwind, but there are some positive signs, such as the narrowing of the discount from 19% in 2023 to 11% today, and the partial resolution of the cost disclosure issue that has been a cloud over the sector for some years.

“It is also interesting to see the foreign ownership of investment companies investing in alternative assets, with 42% held by non-UK investors, including 23% held by US investors. This highlights what a UK success story this sector is with overseas investors coming to the UK market for exposure to asset classes such as infrastructure, renewable energy and private equity which are not as readily available through their domestic public markets.”

The report includes:

• Top 20 wealth managers, top 20 institutions and ranking of retail and adviser platforms by value of investment company shares held
• Breakdowns of ownership by asset category and AIC sector
• Breakdown of country of ownership

Some other key findings from the report:

• Rathbones holds 4.9% of all investment company shares by value, following its merger with Investec
• Hargreaves Lansdown holds investment company shares worth £14.5 billion on behalf of its customers, interactive investor holds £13.7 billion and AJ Bell holds £5.1 billion
• £1.92 of every £100 of investment company shares is held through the Columbia Threadneedle savings plans
• UK investors hold 74% of investment company shares, with US investors holding 13%. However, looking at investment companies investing in alternative assets, UK investors hold just 58% with US investors holding 23% and Swiss investors 3%

You can read the full report here.

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Notes to editors

1. The latest report uses data as at 31 December 2025; references to the previous year are to 31 December 2024. All data excludes VCTs. A full methodology can be found in the report.
2. The Association of Investment Companies (AIC) represents a broad range of investment trusts and VCTs, collectively known as investment companies. The AIC’s vision is for closed-ended investment companies to be understood and considered by every investor. The AIC has 276 members and the industry has total assets of approximately £268 billion.
3. For more information about the AIC and investment trusts, visit the AIC’s website.
4. 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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