Disclaimer
This is not substantive investment research or a research recommendation, as it does not constitute substantive research or analysis. This material should be considered as general market commentary.
The recent success of a tech company IPO demonstrates that fears over the UK’s decline may be a little overdone. However, it is true that over the long term, the stock market has seen a fall in the number of companies listed, and this has accelerated in the past couple of years. Currently, the debate tends to view this as a British problem which can be addressed with a few tax and regulatory incentives. However, we think it is important to recognise that this ‘de-equitisation’ trend has been far from an exclusively UK issue and is actually part of a broader global trend of declining company listings on developed markets. As we detail below, we believe there are a number of reasons behind this, with important investment implications. However, investment trusts might be particularly well-placed to offer solutions.
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