Venture Capital Trusts (VCTs) are to receive industry representation from the Association of Investment Trust Companies (AITC) following applications to join the organisation from 70 VCTs.
This number represents 78% of the VCT sector by assets, and means the AITC now has 295 member investment companies. The idea was first officially mooted at the AITC Directors Conference in April, and following the favourable response, the body will proceed with its plan.
The AITC is also changing its name and will be known as the Association of Investment Companies (AIC), from October 1st. A statement from the organisation said this change is to “reflect the fact that investment trusts, offshore-domiciled investment companies and VCTs are increasingly seen by investors as part of a single closed-ended investment company universe.”
The AITC has five core operations: (i) public affairs and lobbying; (ii) technical advice and information,; (iii) support services and guidance for directors, eg, the AITC Corporate Governance code; (iv) public and media relations; and (v) inclusion in the AITC’s monthly statistics, information on individual member VCTs on the AITC website and educational material on VCTs.
The AITC is also establishing a VCT Forum, made up of directors, managers and advisers, as well as a VCT Technical Committee, made up of legal, tax and accounting specialists from both the professions and the industry. The purpose of these bodies is to ensure that the AITC is aware of the critical issues affecting VCTs and to enable it to deal successfully with them.