Split capital investment trusts (splits) became fashionable in the
late 1990s but the splits boom led to some spectacular collapses as
the bear market unfolded. Despite warnings from certain analysts,
academics and journalists, over 20 splits have gone bust leaving
many private investors seeking redress. A major FSA investigation
is now underway.
This book, with contributions from specialists intimately
involved with the crisis, provides an in-depth and authoritative
review of splits, discussing their history, what went wrong, and
lessons for the future. A range of views is expressed by the
contributors.
The book is divided into five parts:
* The Crisis past financial crises, evolution of the split
trust sector, the crisis unfolds
* The Split Capital Trust Market the structures, the
risks, valuing the shares
* Response to the Crisis the media, regulatory and
political response
* Management Issues corporate governance, some ethical
considerations, reputational risk
* Looking Forward product innovation and marketing, some
implications for the fund management industry, lessons for the
future
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DR ANDREW ADAMS is Senior Lecturer in Finance and Director of the Centre for Financial Markets Research at the University of Edinburgh. His research interests focus mainly on the pricing and risk assessment of investment trust shares. He wrote the warning article ‘For Whom the Barbell Tolls…’ with Robin Angus, which was published in April 2001, and his memorandum to the Treasury Select Committee entitled ‘The Split Capital Investment Trust Crisis: Underlying Reasons and Historical Developments’ is published as an appendix to the Committee’s main report. Dr Adams is author and co-author of a number of books about investment.
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