Key Takeaways
- • Wealth Club's Jonathan Moyes said the investment trust structure is "losing its place as the go-to vehicle" for accessing private markets, in response to the Investment Association's (IA) report on democratisation, according to Investment Week.
- • The commentary centres on the IA's report on retail access to private markets, which has prompted industry debate over the role of listed investment trusts.
- • The primary source is a short industry reaction piece, and the full details of the IA report's findings are not available in the source material reviewed.
Summary
Wealth Club's Jonathan Moyes has argued that the investment trust structure is "losing its place as the go-to vehicle" for accessing private markets, according to Investment Week. His remarks were made in response to a report from the Investment Association (IA) on the democratisation of investment, published around mid-October 2026.
The comments position listed investment trusts, a closed-end fund structure traded on the London Stock Exchange, as a previously preferred route for retail and wealth investors seeking exposure to illiquid assets such as private equity, private credit and infrastructure. Moyes's view suggests that alternative wrappers are gaining ground as the preferred vehicle for this exposure.
The source article is a brief industry reaction and does not include the specific findings, figures or recommendations of the IA report itself. Readers seeking the report's data on fund flows, product structures or access barriers should consult the IA's publication directly.
The debate is relevant to fund managers, wealth platforms and allocators assessing how private market exposure is packaged for non-institutional investors, and to the ongoing discussion over whether listed structures can compete with open-ended and other access routes.
The comments position listed investment trusts, a closed-end fund structure traded on the London Stock Exchange, as a previously preferred route for retail and wealth investors seeking exposure to illiquid assets such as private equity, private credit and infrastructure. Moyes's view suggests that alternative wrappers are gaining ground as the preferred vehicle for this exposure.
The source article is a brief industry reaction and does not include the specific findings, figures or recommendations of the IA report itself. Readers seeking the report's data on fund flows, product structures or access barriers should consult the IA's publication directly.
The debate is relevant to fund managers, wealth platforms and allocators assessing how private market exposure is packaged for non-institutional investors, and to the ongoing discussion over whether listed structures can compete with open-ended and other access routes.
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