The Association of Investment Companies has renamed three investment company sectors after a review, resulting in one trust moving sectors.
The Financials, India and Technology & Media sectors will be renamed Financials & Financial Innovation, India/Indian Subcontinent and Technology & Technology Innovation respectively.
Changes to sector names and definitions
New sector name | New sector definition | Previous sector name | Previous sector definition |
Financials & Financial Innovation | Invests in financial services companies and related sectors, which may include industries such as banking, insurance, capital markets and fintech. | Financials | Invests in financial service businesses. |
India / Indian Subcontinent | Invests in the shares of quoted companies in India or Indian subcontinent. | India | Invests in the shares of quoted Indian companies. |
Technology & Technology Innovation | Invests in technology and related sectors. | Technology & Media | Invests in technology and media. |
Source: AIC
As a result of the new classifications, which were decided after a review, the Augmentum Fintech trust has moved from the Technology & Media sector to Financials & Financial Innovation.
The sector review was undertaken by the AIC’s independent statistics committee which is made up of brokers, research analysts and industry data providers.
The reviews are undertaken regularly.
Communications director at the AIC, Annabel Brodie-Smith, said: “The investment landscape is constantly changing and we review our sectors regularly to ensure they are as clear and relevant as possible.
“The revised sector names and definitions will help investors who want to compare investment companies with open-ended funds.”
sally.hickey@ft.com
