The Association of Investment Companies (AIC) – the trade body for the investment company sector – has renamed three of its sectors following a review.
The new sector names are Financials & Financial Innovation (previously Financials), India / Indian Subcontinent (previously India) and Technology & Technology Innovation (previously Technology & Media).
The changes take effect immediately.
As a result of the new classifications, one investment company, Augmentum Fintech, has moved to the Financials & Financial Innovation sector. It was previously in the Technology & Media sector.
The sector definitions have also been changed as follows:
|
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
The changes follow a review of investment company sectors by the AIC’s independent statistics committee which consists of brokers, research analysts and industry data providers.
Most AIC sectors have remained the same.
Annabel Brodie-Smith, AIC communications director, 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.”
