Directors Survey 2009

In 2004 J.P. Morgan Asset Management published the first-ever comprehensive survey of investment trust directors, assessing their collective views on the key issues facing the investment trust industry including discount management, corporate governance, fees, distribution of share ownership and investment performance. Five years on, we want to see if and how those views have changed and what are now considered to be the key factors that will shape the investment companies sector and drive its success.

This new report aims to offer an overview of what investment companies directors are thinking about their industry at a time of great change both for the UK investment market and the wider financial sector. In particular the report looks at:

• Performance & gearing
• Distribution Platforms: are IFAs are key to the future?
• Discounts Buybacks
• Liquidity Broker proactivity and wider retail share ownership most likely to improve market flow
• Governance & regulation and the increased support for code driven regulation and diversified boards
• Fees: low costs remain a powerful differentiator
• Future trends-: Consolidation expected but some sectors still on course for strong growth

Alongside directors of conventional investment trusts, we also invited opinion from board members of offshore investment companies and venture capital trusts. So we continue to call this the Investment Trust Directors Survey but recognise the changing base of vehicles. We have also provided our own commentary on key findings.

Download the Directors Survey 2009