UK wealth managers’ share of investment trust company shares has held steady after two years of decline, according to a new report released by the Association of Investment Companies (AIC).

Firms such as Rathbones, Evelyn Partners and Brewin Dolphin held 24% of investment trust company shares on behalf of their clients at the end of 2025, unchanged from the previous year, while the value of their holdings has increased from £49 billion to £50 billion.

Meanwhile, private investors’ share of investment trust companies has increased to 27%, worth £57 billion, compared to a share of 26% worth £55 billion in 2024.

Now £1 out of every £6 of investment company shares is held on Hargreaves Lansdown, interactive investor or AJ Bell.

Institutions’ holdings of investment companies have decreased to 46%, while the share represented by adviser platforms has held steady at 2%.

The AIC’s report — “The ownership of investment companies — is based on analysis of investment company holdings worth £187 billion – 90% of the total industry market capitalisation of £208 billion – as at the end of December 2025. The analysis excludes VCTs. The underlying shareholder data is from Argus Vickers.

Richard Stone, Chief Executive of the Association of Investment Companies (AIC), said: “During a tumultuous time for investment companies, it is good to see that wealth managers’ share of the industry has held steady and that private investors have continued increasing their share.

“We are not quite at the point where every headwind is turning into a tailwind, but there are some positive signs, such as the narrowing of the discount from 19% in 2023 to 11% today, and the partial resolution of the cost disclosure issue that has been a cloud over the sector for some years.

 “It is also interesting to see the foreign ownership of investment companies investing in alternative assets, with 42% held by non-UK investors, including 23% held by US investors.

“This highlights what a UK success story this sector is with overseas investors coming to the UK market for exposure to asset classes such as infrastructure, renewable energy and private equity which are not as readily available through their domestic public markets.”