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Laxman Pai, Opalesque Asia:

Institutional investors marginally increased their share of investment companies' shareholder base, from 49% at the end of December 2022 to 50% a year later, said a study.

Wealth managers' share declined by 1 percentage point, from 26% to 25%, according to the Association of Investment Companies' (AIC) Ownership of Investment Companies report.

"The shift from wealth managers to institutions is largely accounted for by movements in the shareholder base of alternative investment companies. During 2023, wealth managers' share of these companies declined from 23% to 20%, while institutions' share saw a corresponding increase, from 67% to 70%," said the study.

The report revealed GBP89bn of the holdings analyzed were owned by institutions, while wealth managers held 25% at GBP44bn, private investors owned 23% at GBP41bn and adviser platforms held 2% at GBP4bn.

Institutions are particularly significant shareholders of alternative asset investment companies, with a share of 70%. Private investors have a larger stake in investment companies that invest in equities, making up one-third (33%) of the shareholder base of these companies.

Wealth managers make up more of the shareholder base of equity investment companies (28%) than they do of alternative investment companies (20%).

The AIC's analysis is based on shareholder data from Argus Vickers and covers GBP177 billion of shareholdings, representing 87% of the industry's total ......................

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