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VCT assets approach record £3 billion mark
by Robert St George on Oct 23, 2013 at 12:06
Funds under management in Venture Capital Trusts (VCTs) have reached an all-time high, despite the funds having returned £160 million to investors in the first six months of the year.
The VCT sector now boasts total funds under management of £2.9 billion, according to the Association of Investment Companies (AIC), the highest level since VCTs were established in 1995.
‘VCTs continue to play a vital role in supporting small and medium-sized enterprises facing a finance gap,’ said Ian Sayers, director general of the AIC. ‘We are seeing solid dividends amongst the established VCTs which, together with more consistent performance, reflect the sector’s increased maturity.’
The assets managed by VCTs increased by a net £19 million between January and June, with the funds raised as a result of the issue of new shares worth £94 million through the period.
Against this, £121 million was distributed to shareholders in the form of dividends during the half-year, and another £39 million was returned through share buybacks, including enhanced share buybacks.
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