Investments  

AIC: VCT fundraising up 69% this tax year

Fundraising for venture capital trusts is up 69 per cent so far in this tax year compared with the previous year, the Association of Investment Companies has revealed.

The VCT sector raised £152m from 6 April to 31 December 2013, compared with £89.8m during the same period in the previous tax year.

Excluding enhanced share buy backs, the VCT sector raised £134.7m in the current tax year from 6 April to 31 December 2013, compared with £69.3m during the same period in the previous tax year, representing a 94 per cent increase.

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Assets under management for the VCT sector have reached an all-time high of £2.9bn at 5 January 2014, with the 10 largest VCT managers by AUM continuing to manage about 74 per cent of the total VCT funds under management.

Ian Sayers, director general of the Association of Investment Companies, said: “These figures demonstrate continued and increasing demand for VCTs, reflecting some consistent performance and dividend track records for a sector which continues to offer vital support to [small to medium sized businesses].”