{"id":65502,"date":"2026-04-01T08:41:43","date_gmt":"2026-04-01T12:41:43","guid":{"rendered":"https:\/\/allianceadvisors.com\/uk-investment-trusts-in-2026-governance-under-pressure\/"},"modified":"2026-04-20T10:18:28","modified_gmt":"2026-04-20T14:18:28","slug":"uk-investment-trusts-in-2026-governance-under-pressure","status":"publish","type":"post","link":"https:\/\/allianceadvisors.com\/ja\/uk-investment-trusts-in-2026-governance-under-pressure\/","title":{"rendered":"UK Investment Trusts in 2026: Governance Under Pressure"},"content":{"rendered":"<div class=\"wpb-content-wrapper\">[vc_row css_animation=&#8221;fadeIn&#8221; content_placement=&#8221;bottom&#8221; column_spacing=&#8221;0px&#8221; wpex_bg_image_source=&#8221;featured&#8221; css=&#8221;.vc_custom_1740765101116{background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}&#8221; min_height=&#8221;450px&#8221;][vc_column wpex_bg_image_source=&#8221;featured&#8221; css=&#8221;.vc_custom_1738695614909{background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}&#8221; wpex_bg_position=&#8221;center center&#8221;][vc_row_inner css=&#8221;.vc_custom_1775048460529{padding: 30px !important;}&#8221;][vc_column_inner width=&#8221;1\/2&#8243;]<style>.vcex-image.vcex_69e763ad9e9d7 .vcex-image-inner{max-width:200px;}<\/style><figure class=\"vcex-image vcex-module wpex-text-left vcex_69e763ad9e9d7\"><div class=\"vcex-image-inner wpex-relative wpex-inline-block\"><a href=\"https:\/\/nepean.co.uk\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\"><img width=\"1280\" height=\"400\" src=\"https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2026\/04\/Nepean_Wordmark_White.png\" class=\"vcex-image-img wpex-align-middle\" alt=\"\" loading=\"lazy\" decoding=\"async\" srcset=\"https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2026\/04\/Nepean_Wordmark_White.png 1280w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2026\/04\/Nepean_Wordmark_White-300x94.png 300w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2026\/04\/Nepean_Wordmark_White-1024x320.png 1024w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2026\/04\/Nepean_Wordmark_White-768x240.png 768w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2026\/04\/Nepean_Wordmark_White.png?w=512 512w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2026\/04\/Nepean_Wordmark_White.png?w=450 450w\" sizes=\"auto, (max-width: 980px) 100vw, 980px\" \/><\/a><\/div><\/figure>[\/vc_column_inner][vc_column_inner width=&#8221;1\/2&#8243;]<style>.vcex-image.vcex_69e763ada0fbf .vcex-image-inner{max-width:60px;}<\/style><figure class=\"vcex-image vcex-module wpex-text-right vcex_69e763ada0fbf\"><div class=\"vcex-image-inner wpex-relative wpex-inline-block\"><a href=\"https:\/\/nepean.co.uk\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\"><img width=\"400\" height=\"400\" src=\"https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2026\/04\/Nepean_Brandmark_White.png\" class=\"vcex-image-img wpex-align-middle\" alt=\"\" loading=\"lazy\" decoding=\"async\" srcset=\"https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2026\/04\/Nepean_Brandmark_White.png 400w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2026\/04\/Nepean_Brandmark_White-300x300.png 300w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2026\/04\/Nepean_Brandmark_White-150x150.png 150w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2026\/04\/Nepean_Brandmark_White.png?w=80 80w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2026\/04\/Nepean_Brandmark_White.png?w=240 240w\" sizes=\"auto, (max-width: 400px) 100vw, 400px\" \/><\/a><\/div><\/figure>[\/vc_column_inner][\/vc_row_inner]<div class=\"vcex-spacing wpex-w-100 wpex-clear\" style=\"height:200px;\"><\/div><style>.vcex-heading.vcex_69e763ada27f9{width:600px;color:var(--wpex-accent);font-size:var(--wpex-text-6xl);font-weight:600;line-height:var(--wpex-leading-tight);}@media (max-width:479px){.vcex-heading.vcex_69e763ada27f9{font-size:30px;}}<\/style><h1 class=\"vcex-heading vcex-heading-plain vcex-module wpex-heading wpex-text-2xl wpex-max-w-100 wpex-mr-auto vc_custom_1775049901482 vcex_69e763ada27f9\"><span class=\"vcex-heading-inner wpex-inline-block\">UK Investment Trusts in 2026: Governance Under Pressure<\/span><\/h1><style>.vcex-heading.vcex_69e763ada3541{width:600px;color:var(--wpex-accent);font-size:var(--wpex-text-lg);font-weight:600;line-height:var(--wpex-leading-tight);}@media (max-width:479px){.vcex-heading.vcex_69e763ada3541{font-size:16px;}}<\/style><h3 class=\"vcex-heading vcex-heading-plain vcex-module wpex-heading wpex-text-2xl wpex-max-w-100 wpex-mr-auto vc_custom_1775130171890 vcex_69e763ada3541\"><a href=\"https:\/\/nepean.co.uk\/\" class=\"wpex-no-underline wpex-inherit-color-important\" target=\"_blank\" rel=\"sponsored noopener noreferrer\"><span class=\"vcex-heading-inner wpex-inline-block\"><span class=\"vcex-heading-icon vcex-heading-icon-left vcex-icon-wrap wpex-mr-5\">By<\/span>Ahmed Suliman &amp; Oliver Taylor<br \/>\n<br>In Collaboration with Nepean<\/span><\/a><\/h3><div class=\"vcex-spacing wpex-w-100 wpex-clear\" style=\"height:50px;\"><\/div>[\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text css=&#8221;&#8221;]\n<h3>Introduction<\/h3>\n<p>2025 marked a decisive shift in the UK investment trust landscape. What began as a prolonged period of wide discounts evolved into a sustained test on balance sheets, permeating into corporate governance, as boards were increasingly required to demonstrate that the closed-ended structure continued to serve shareholder interests.<\/p>\n<p>At the centre of this shift was a series of high-profile activist campaigns led by Saba Capital, whose actions since late 2024 have reshaped expectations around board accountability, corporate actions, and shareholder engagement across the sector.<\/p>\n<p>Our analysis examines these developments through a governance, M&amp;A, and activism lens, highlighting how shareholder expectations have evolved and why boards are increasingly judged on their ability to deliver tangible outcomes within the closed-ended structure. Alongside this, Nepean\u2019s contribution provides a complementary perspective on the strategic communication challenges facing boards, particularly in the context of the Saba campaigns.<\/p>\n<h3>Activism in Focus: Saba Capital\u2019s Campaigns (Late-2024 to 2025)<\/h3>\n<p>Since the end of 2024, Saba Capital has mounted coordinated campaigns across multiple UK investment trusts, seeking outcomes ranging from board change and enhanced discount-control mechanisms to structural reform, including mergers, wind-ups, or conversion to open-ended vehicles.<\/p>\n<p>While many of Saba\u2019s formal resolutions were ultimately defeated, the broader impact of these campaigns has been significant. The activism demonstrated that:<\/p>\n<ul>\n<li>large shareholders are prepared to challenge the legitimacy of the closed-ended structure where discounts persist;<\/li>\n<li>board composition, tenure, and responsiveness are now regularly challenged; and<\/li>\n<li>corporate actions once considered exceptional are increasingly viewed as normal.<\/li>\n<\/ul>\n<p>For issuers, the key lesson is that \u201cWinning the vote\u201d is no longer the end-game. Even unsuccessful activist campaigns have materially influenced board behaviour, disclosure standards, and strategic positioning. Activists are also focusing on their financial returns, which they believe will be enhanced by making changes to the governance structure of funds.<\/p>\n<p>Developments since 2025 suggest a further escalation. Activism is no longer limited to proposing change, but increasingly about controlling outcomes. Large shareholders have demonstrated their ability to block strategic transactions, including mergers. They have also shown the ability to shape board decisions indirectly through ownership concentration. Overall, the events represented a meaningful shift in board dynamics. It is also a reminder that activism can evolve from persuasion to leverage.<\/p>\n<h3>Net Asset Value (NAV) Discounts as a Governance Indicator<\/h3>\n<p>Perhaps the most enduring theme of 2025 was the treatment of discounts to Net Asset Value (NAV) as a live measure of governance quality. For investment trusts, the market\u2019s message was clear:<\/p>\n<ul>\n<li>persistent discounts are no longer seen as a purely cyclical or technical issue;<\/li>\n<li>they are interpreted as a reflection of board effectiveness, engagement quality, and structural credibility.<\/li>\n<\/ul>\n<p>Where discounts remain elevated despite buybacks and engagement, investors are increasingly questioning whether the closed-ended structure itself remains appropriate.<\/p>\n<h3>The Impact of US-Style Activism on UK Investment Trust Sector<\/h3>\n<p>Saba\u2019s role is particularly noteworthy given its identity as a US-based hedge fund exerting influence over UK-listed investment trusts. This has introduced several new dynamics into the market:<\/p>\n<ol>\n<li><strong>A different activism playbook:<\/strong> Unlike traditional UK stewardship-led engagement, Saba\u2019s approach has been more overtly transactional and structural, framing persistent discounts as evidence of governance failure rather than market conditions. This has accelerated the pace at which boards are expected to respond.<\/li>\n<li><strong>Shareholder concentration risk:<\/strong> Saba\u2019s campaigns highlighted how significant minority stakes can be leveraged to block or influence corporate actions, including mergers. This has sharpened boards\u2019 focus on developing a more granular understanding of their shareholder base and the risks associated with concentrated ownership.<\/li>\n<li><strong>Market-wide signalling effect:<\/strong> Even where Saba did not prevail, its campaigns signalled to other investors that boards can be challenged and that the investment trust sector is increasingly open to activist intervention.<\/li>\n<\/ol>\n<h3>Implications for Boards and Issuers<\/h3>\n<p>As a result, issuer expectations have shifted: boards are now expected to anticipate activism, not merely respond to it. The experience of 2025 suggests that inaction is now the highest-risk strategy. The developments across 2025 give rise to several clear governance implications:<\/p>\n<ol>\n<li><strong>Engagement must be proactive, not reactive:<\/strong> Waiting for an activist requisition before engaging shareholders is no longer sufficient. Boards are expected to demonstrate a deep understanding of strategy and the systemic risks to the funds.<\/li>\n<li><strong>Structural questions cannot be deferred indefinitely:<\/strong> Where discounts persist despite buybacks and engagement, boards should expect pressure to consider more fundamental options, including consolidation or conversion.<\/li>\n<li><strong>Corporate actions require activist-proofing:<\/strong> M&amp;A proposals must be stress-tested against shareholder fairness, mandate alignment, and value transfer optics.<\/li>\n<li><strong>Shareholder register monitoring is critical:<\/strong> Understanding who holds influence\u2014and how that influence might be exercised\u2014has become a core governance responsibility<\/li>\n<li><strong>Structural changes must be considered for contingency:<\/strong> Boards should not wait until pressure escalates to consider alternatives such as mergers, wind-downs, or structural change.<\/li>\n<\/ol>\n<h3>Conclusion: 2025 as an Inflection Point<\/h3>\n<p>For UK investment trusts, 2025 was an inflection point. Developments into 2026 suggest it is becoming something more \u2014 a structural reset in governance expectations.<\/p>\n<p>The combination of sustained activism, persistent discounts, and increasingly contested corporate actions has fundamentally altered how boards are assessed.<\/p>\n<p>For issuers, the lesson is not that activism must always be resisted or conceded, but that credible governance, clear strategy, and early engagement are now essential defences. In these events, governance is measured by how well the board translates strategy into fruitful shareholder outcomes.<\/p>\n<p>As the sector moves forward, boards that can articulate why the closed-ended model works, and how they will protect shareholder value within it, will be best placed to navigate the next phase of scrutiny.[\/vc_column_text][\/vc_column][\/vc_row][vc_row css_animation=&#8221;fadeIn&#8221; content_placement=&#8221;bottom&#8221; column_spacing=&#8221;0px&#8221; css=&#8221;.vc_custom_1775049843080{background-image: url(https:\/\/allianceadvisors.com\/wp-content\/uploads\/2026\/03\/AdobeStock_968660461-2.jpg?id=64798) !important;background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}&#8221; min_height=&#8221;450px&#8221; wpex_bg_position=&#8221;center bottom&#8221; wpex_bg_overlay=&#8221;dark&#8221; wpex_bg_overlay_opacity=&#8221;30%&#8221;][vc_column css=&#8221;.vc_custom_1775049811269{background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}&#8221; wpex_bg_position=&#8221;center center&#8221;][vc_row_inner css=&#8221;.vc_custom_1775048460529{padding: 30px !important;}&#8221;][vc_column_inner width=&#8221;1\/2&#8243;]<style>.vcex-image.vcex_69e763ada3f9e .vcex-image-inner{max-width:200px;}<\/style><figure class=\"vcex-image vcex-module wpex-text-left vcex_69e763ada3f9e\"><div class=\"vcex-image-inner wpex-relative wpex-inline-block\"><a href=\"https:\/\/nepean.co.uk\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\"><img width=\"1280\" height=\"400\" src=\"https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2026\/04\/Nepean_Wordmark_White.png\" class=\"vcex-image-img wpex-align-middle\" alt=\"\" loading=\"lazy\" decoding=\"async\" srcset=\"https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2026\/04\/Nepean_Wordmark_White.png 1280w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2026\/04\/Nepean_Wordmark_White-300x94.png 300w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2026\/04\/Nepean_Wordmark_White-1024x320.png 1024w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2026\/04\/Nepean_Wordmark_White-768x240.png 768w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2026\/04\/Nepean_Wordmark_White.png?w=512 512w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2026\/04\/Nepean_Wordmark_White.png?w=450 450w\" sizes=\"auto, (max-width: 980px) 100vw, 980px\" \/><\/a><\/div><\/figure>[\/vc_column_inner][vc_column_inner width=&#8221;1\/2&#8243;]<style>.vcex-image.vcex_69e763ada4b65 .vcex-image-inner{max-width:60px;}<\/style><figure class=\"vcex-image vcex-module wpex-text-right vcex_69e763ada4b65\"><div class=\"vcex-image-inner wpex-relative wpex-inline-block\"><a href=\"https:\/\/nepean.co.uk\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\"><img width=\"400\" height=\"400\" src=\"https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2026\/04\/Nepean_Brandmark_White.png\" class=\"vcex-image-img wpex-align-middle\" alt=\"\" loading=\"lazy\" decoding=\"async\" srcset=\"https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2026\/04\/Nepean_Brandmark_White.png 400w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2026\/04\/Nepean_Brandmark_White-300x300.png 300w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2026\/04\/Nepean_Brandmark_White-150x150.png 150w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2026\/04\/Nepean_Brandmark_White.png?w=80 80w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2026\/04\/Nepean_Brandmark_White.png?w=240 240w\" sizes=\"auto, (max-width: 400px) 100vw, 400px\" \/><\/a><\/div><\/figure>[\/vc_column_inner][\/vc_row_inner]<div class=\"vcex-spacing wpex-w-100 wpex-clear\" style=\"height:200px;\"><\/div><style>.vcex-heading.vcex_69e763ada5a7b{width:600px;color:var(--wpex-on-accent);font-size:var(--wpex-text-3xl);font-weight:600;line-height:var(--wpex-leading-tight);}@media (max-width:479px){.vcex-heading.vcex_69e763ada5a7b{font-size:30px;}}<\/style><h1 class=\"vcex-heading vcex-heading-plain vcex-module wpex-heading wpex-text-2xl wpex-max-w-100 wpex-mr-auto vc_custom_1775051051652 vcex_69e763ada5a7b\"><span class=\"vcex-heading-inner wpex-inline-block\">Independent Strategic Communications Advice for Boards: Lessons from the Saba 7<\/span><\/h1><div class=\"vcex-spacing wpex-w-100 wpex-clear\" style=\"height:50px;\"><\/div>[\/vc_column][\/vc_row][vc_row css=&#8221;.vc_custom_1775051030065{padding-top: 30px !important;}&#8221;][vc_column][vc_column_text css=&#8221;&#8221;]For a few unfortunate investment trust boards, Saba was the Grinch that stole Christmas of 2024. But, if they\u2019d hoped that it was a passing challenge, events since will have left them sadly mistaken.<\/p>\n<p>The saga has persisted for more than a year. Whilst boards and their investment trusts have not sat still, activist threats remain and further challenges arising from investor demographic shifts continue to mount.<\/p>\n<p>Below, we explore what boards learnt from their initial threat exposure, and what they should consider to traverse the hurdles ahead.<\/p>\n<h3>The Visibility Gap<\/h3>\n<p>Our review (in-post) of the trusts revealed a consistent pattern: boards with low public visibility \u2013 limited LinkedIn activity, minimal proactive media engagement, and absent or outdated standalone websites \u2013 were generally less well prepared when activist pressure emerged.<\/p>\n<p>Of course, having effective and efficient storytelling channels in place is unlikely to have prevented the Saba challenge itself. Rather, we believe the lack of greater preparedness meant tackling the challenge once established became harder \u2013 and would have been harder still had Saba opted to pick off individual trusts rather than a collective.<\/p>\n<p>Of the Saba 7, most had no LinkedIn presence in the period preceding the requisition, with little evidence of targeted engagement from board members to relevant stakeholders. Trusts largely communicated through RNS announcements, with scarce use of digital channels. When activist scrutiny intensified, these boards lacked official means through which to communicate with the broad investor base.<\/p>\n<p>Most board members at the time of the requisition were found to have established channels on LinkedIn. However, posts about their respective trusts were minimal \u2013 only to be ramped up ahead of the requisitioned meetings.<\/p>\n<h3>The Cost of Reactive Governance<\/h3>\n<p>These requisition processes did not come cheap, and we think it is reasonable to suggest that such costs were heightened by the lack of a comprehensive, pre-existing route to communicating with shareholders.[\/vc_column_text][\/vc_column][\/vc_row][vc_row remove_bottom_col_margin=&#8221;true&#8221; wpex_bg_color=&#8221;#f5f5f5&#8243; css=&#8221;.vc_custom_1775130483516{padding: 20px !important;}&#8221;][vc_column]<figure class=\"vcex-image vcex-module wpex-text-center\"><div class=\"vcex-image-inner wpex-relative wpex-inline-block\"><a href=\"https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2026\/04\/The-Cost-of-Reactive-Governance-2.png\" class=\"wpex-lightbox\" target=\"_blank\" rel=\"noopener\"><img width=\"983\" height=\"308\" src=\"https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2026\/04\/The-Cost-of-Reactive-Governance-2.png\" class=\"vcex-image-img wpex-align-middle skip-lazy\" alt=\"\" data-no-lazy=\"1\" srcset=\"https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2026\/04\/The-Cost-of-Reactive-Governance-2.png 983w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2026\/04\/The-Cost-of-Reactive-Governance-2-300x94.png 300w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2026\/04\/The-Cost-of-Reactive-Governance-2-768x241.png 768w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2026\/04\/The-Cost-of-Reactive-Governance-2.png?w=196 196w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2026\/04\/The-Cost-of-Reactive-Governance-2.png?w=393 393w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2026\/04\/The-Cost-of-Reactive-Governance-2.png?w=589 589w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2026\/04\/The-Cost-of-Reactive-Governance-2.png?w=450 450w\" sizes=\"(max-width: 980px) 100vw, 980px\" \/><\/a><\/div><\/figure>[vc_column_text css=&#8221;.vc_custom_1775130506697{padding-top: 20px !important;}&#8221; font_size=&#8221;14px&#8221; font_style=&#8221;italic&#8221;]* Henderson Opportunities Trust and Keystone Positive Change Investment Trust have not disclosed their fees due to their voluntary liquidations. Figures above are an average of other trusts\u2019 costs where clearly disclosed.<\/p>\n<p>** Edinburgh Worldwide Investment Trust recorded \u00a31.673 million in non-recurring expenses, comprising costs associated with the February requisitioned general meeting and \u2018legal costs incurred in connection with the cancellation of the share premium account\u2019.[\/vc_column_text][\/vc_column][\/vc_row][vc_row css=&#8221;.vc_custom_1775049692335{padding-top: 30px !important;}&#8221;][vc_column][vc_column_text css=&#8221;&#8221;]Four of the seven trusts recorded cumulative additional expenses of \u00a32.58 million in their subsequent annual reports, accrued in relation specifically to those single requisitioned meetings. The others have either not disclosed their fees* or have reported fees in combination with other related costs<sup>\u2020<\/sup>.<\/p>\n<p>These are not insignificant figures, and fees accrued at shareholders\u2019 expense \u2013 something we know Board members, with their focus on shareholders\u2019 interests, are acutely aware of.<\/p>\n<p>Prevention is better than cure, but a cure is still preferable to emergency surgery. And cheaper, too.<\/p>\n<h3>The Retail Challenge<\/h3>\n<p>Investment trusts are operating in an increasingly challenging environment. Their traditional investor base is ageing, while younger generations are gravitating towards alternative investment products and have markedly different expectations regarding communication and engagement. At the same time, the sector continues to face persistent structural pressures: widening discounts, consolidation among wealth managers, and growing competition from a broader universe of investment products.<\/p>\n<p>Private investors are central to the sector<sup>\u00b1<\/sup> \u2013 accounting for over a third of total shareholdings by value \u2013 and their influence is increasing as retail participation rises across UK markets. And yet, there is still a limited understanding among many retail investors of what an investment trust is, how it works, and what exactly the role of the board is. This has created both a vulnerability and an opportunity: a need to prepare for expert activists among an increasingly ill-informed investor base, but also a chance to more effectively engage brand new audiences.<\/p>\n<div class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" class=\"wpa-warning wpa-image-missing-alt alignright wp-image-65112\" src=\"https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2026\/04\/Pie-Chart.png\" alt=\"\" width=\"380\" height=\"364\" data-warning=\"Missing alt text\" srcset=\"https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2026\/04\/Pie-Chart.png 522w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2026\/04\/Pie-Chart-300x287.png 300w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2026\/04\/Pie-Chart.png?w=104 104w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2026\/04\/Pie-Chart.png?w=208 208w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2026\/04\/Pie-Chart.png?w=417 417w\" sizes=\"auto, (max-width: 380px) 100vw, 380px\" \/><\/div>\n<p>The average investment trust shareholder is 60\u201365 years old<sup>\u00a7<\/sup> but, as wealth shifts, this profile will change. The typical future investor will be digitally native and motivated by values \u2013 an audience that currently favours other vehicles like ETFs. Lacking the longstanding loyalty of the old guard, they might also be more likely to sympathise with an activist\u2019s calls for change \u2013 making critical the need for board independence, if they are to avoid being swept away in a coup.<\/p>\n<p>In a landscape defined by demographic change, increasing retail influence, evolving expectations, and heightened activist pressure, boards must ensure they are not only fulfilling their duties but are visibly doing so.<\/p>\n<h3>Building Board Preparedness<\/h3>\n<p>For investment trusts, boards serve as the embodiment of shareholders\u2019 interests. They are their independent, accountable representatives, and the experts entrusted with governance and critical oversight.<\/p>\n<p>We believe there is a significant opportunity for boards to raise their voice and be more proactive by building their platform to communicate to shareholders. Modern challenges require modern solutions, and the demands of an increasingly critical retail investor base have to be met \u2013 particularly in the face of activist threats.<\/p>\n<p>The successful transmission of board messages greases the wheels of action. It can allow them to better hold investment managers to account and allow for more productive engagement with activists \u2013 particularly when those activists are supported by a broader group of shareholders. In getting these messages across, digital methods in particular are currently underutilised.<\/p>\n<p>Independent of investment managers, board members should build their own digital profiles \u2013 both individually and at the trust-level. Personalisation is a route to ownership of accountability: a counter to criticism levelled at investment trust by Saba and others.<\/p>\n<p>Our research suggests that LinkedIn is one platform in particular where boards can be doing more, alongside use of video content, independent websites, and targeted engagement with the press.<\/p>\n<p>In combination with other forms of shareholder engagement, such as proxy solicitation, it is a route to a more comprehensive communications strategy: traversing the width of the shareholder map and meeting the needs of the full breadth of shareholders, big and small.<\/p>\n<h3>Raising Their Voice<\/h3>\n<p>Since Saba\u2019s original challenge, boards have come a long way. It was a wake-up call, and one that many have answered. Today, as we have seen in recent weeks and months, they\u2019re fighting back \u2013 and winning, too. But this is a challenge \u2013 both in responding to activists and in adjusting to an increasingly retail-led investor base \u2013 that is going nowhere.<\/p>\n<p>Boards need a voice: one that is independent of investment managers, loud enough to reach retail investors, and clear and distinct in its delivery.<\/p>\n<p>This is not an exercise in vanity. Building a communications platform is a route to more effective positioning and protection. It means reaching the full breadth of shareholders in decision-making moments; being prepared for the current and future challenges that are shaping the sector; and driving cost-savings in contentious situations, to all shareholders\u2019 benefit.<\/p>\n<p style=\"text-align: left;\">Only with such a voice can boards be confident in their position in the moments that matter.<\/p>\n<div class=\"wp-block-image\" style=\"text-align: left;\"><a href=\"https:\/\/nepean.co.uk\/\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"wpa-warning wpa-image-missing-alt wp-image-65140 alignnone\" src=\"https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2026\/04\/Nepean_Wordmark_393939-300x94.png\" alt=\"\" width=\"180\" height=\"56\" data-warning=\"Missing alt text\" srcset=\"https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2026\/04\/Nepean_Wordmark_393939-300x94.png 300w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2026\/04\/Nepean_Wordmark_393939-1024x320.png 1024w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2026\/04\/Nepean_Wordmark_393939-768x240.png 768w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2026\/04\/Nepean_Wordmark_393939.png 1280w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2026\/04\/Nepean_Wordmark_393939.png?w=512 512w\" sizes=\"auto, (max-width: 180px) 100vw, 180px\" \/> <\/a><br \/>\nFor more information, please visit <a href=\"https:\/\/nepean.co.uk\/\" target=\"_blank\" rel=\"noopener\">nepean.co.uk<\/a> or email <a href=\"mailto:info@nepean.co.uk\">info@nepean.co.uk<\/a><\/div>\n[\/vc_column_text][\/vc_column][\/vc_row][vc_section el_class=&#8221;wpex-surface-2&#8243; local_scroll_id=&#8221;blind-narrative&#8221; css=&#8221;.vc_custom_1772014090986{padding: 40px !important;}&#8221;][vc_row][vc_column]<style>.vcex-heading.vcex_69e763ada7f18{font-size:var(--wpex-text-3xl);font-weight:600;}<\/style><h2 class=\"vcex-heading vcex-heading-plain vcex-module wpex-heading wpex-text-2xl wpex-mb-40 vcex_69e763ada7f18\"><span class=\"vcex-heading-inner wpex-inline-block\">成人视频 Team<\/span><\/h2>[vc_column_text css=&#8221;&#8221;]At 成人视频, we support our EMEA-clients on each assignment with a dedicated global team that consists of:[\/vc_column_text][\/vc_column][\/vc_row][vc_row remove_bottom_col_margin=&#8221;true&#8221;][vc_column]<div class=\"wpex-post-cards wpex-post-cards-template_29496 wpex-relative\"><div class=\"wpex-post-cards-inner\"><div class=\"wpex-post-cards-loop wpex-post-cards-grid wpex-row wpex-clr gap-40\"><div class=\"wpex-post-cards-entry col col-1 span_1_of_3 post-40301 type-staff tag-97 tag-95 cat-130 cat-131 cat-102 cat-101 translation_priority-373\"><div class=\"wpex-card wpex-card-template_29496\"><style>.vc_custom_1739364896388{background-color: #FFFFFF !important;border: 1px solid #F3F3F3 !important;}.vc_custom_1738165065143{padding-right: 12px !important;padding-left: 12px !important;}.vc_custom_1738165180053{padding-right: 12px !important;padding-left: 12px !important;}.vc_custom_1738226857389{padding-right: 12px !important;padding-left: 12px !important;}<\/style><a href=\"https:\/\/allianceadvisors.com\/ja\/staff-member\/angelika-horstmeier\/\" aria-label=\"Angelika Horstmeier\" class=\"wpex-card-inner wpex-no-underline wpex-inherit-color\"><div class=\"vc_row wpb_row vc_row-fluid vc_custom_1739364896388 vc_row-o-equal-height vc_row-o-content-top vc_row-flex wpex-relative wpex-vc-has-custom-column-spacing wpex-vc-column-spacing-0px wpex-vc_row-has-fill wpex-vc-reset-negative-margin\"><div class=\"wpb_column vc_column_container vc_col-sm-12\"><div class=\"vc_column-inner\"><div class=\"wpb_wrapper\"><figure class=\"vcex-image vcex-module wpex-text-center\"><div class=\"vcex-image-inner wpex-relative wpex-inline-block image-filter-grayscale overlay-parent overlay-parent-plus-hover wpex-overflow-hidden\"><span href=\"https:\/\/allianceadvisors.com\/ja\/staff-member\/angelika-horstmeier\/\"><img loading=\"lazy\" class=\"vcex-image-img wpex-align-middle\" decoding=\"async\" src=\"https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2023\/02\/Angelika-Horstmeier-290x290.jpg\" alt=\"Head shot of Angelika Horstmeier, Managing Director\" srcset=\"https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2023\/02\/Angelika-Horstmeier.jpg 1200w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2023\/02\/Angelika-Horstmeier-300x300.jpg 300w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2023\/02\/Angelika-Horstmeier-1024x1024.jpg 1024w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2023\/02\/Angelika-Horstmeier-150x150.jpg 150w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2023\/02\/Angelika-Horstmeier-768x767.jpg 768w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2023\/02\/Angelika-Horstmeier-600x600.jpg 600w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2023\/02\/Angelika-Horstmeier-350x350.jpg 350w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2023\/02\/Angelika-Horstmeier-230x230.jpg 230w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2023\/02\/Angelika-Horstmeier-210x210.jpg 210w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2023\/02\/Angelika-Horstmeier-220x220.jpg 220w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2023\/02\/Angelika-Horstmeier-70x70.jpg 70w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2023\/02\/Angelika-Horstmeier-290x290.jpg 290w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2023\/02\/Angelika-Horstmeier-100x100.jpg 100w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2023\/02\/Angelika-Horstmeier.jpg?w=480 480w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2023\/02\/Angelika-Horstmeier.jpg?w=960 960w\" width=\"290\" height=\"290\">\n<div class=\"overlay-plus-hover overlay-hide theme-overlay wpex-absolute wpex-inset-0 wpex-transition-all wpex-duration-300\" aria-hidden=\"true\">\n\t<span class=\"overlay-bg wpex-flex wpex-items-center wpex-justify-center wpex-bg-black wpex-block wpex-absolute wpex-inset-0 wpex-opacity-60\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" height=\"40\" width=\"40\" stroke=\"#fff\"><path d=\"M-83 26.947h7.225v234.297H-83zM20 0h0v20h20 0-20v20h0V20H0h0 20z\"\/><\/svg><\/span>\n<\/div>\n<\/span><\/div><\/figure><div class=\"vcex-spacing wpex-w-100 wpex-clear\" style=\"height:25px;\"><\/div><style>.vcex-page-title.vcex_69e763adb20ae .vcex-page-title__heading{font-size:18px;font-weight:500;}<\/style><div class=\"vcex-page-title vcex-module vc_custom_1738165065143 vcex_69e763adb20ae\"><h2 class=\"vcex-page-title__heading wpex-heading wpex-text-3xl\"><span class=\"vcex-page-title__text\">Angelika Horstmeier<\/span><\/h2><\/div><div class=\"vcex-spacing wpex-w-100 wpex-clear\" style=\"height:25px;\"><\/div><style>.vcex-heading.vcex_69e763adb2a09{font-size:14px;font-weight:300;text-transform:uppercase;}<\/style><h3 class=\"vcex-heading vcex-heading-plain vcex-module wpex-heading wpex-text-2xl vc_custom_1738165180053 vcex_69e763adb2a09\"><span class=\"vcex-heading-inner wpex-inline-block\">Senior Managing Director<\/span><\/h3><div class=\"vcex-spacing wpex-w-100 wpex-clear\" style=\"height:40px;\"><\/div>\n\t<div style=\"font-size:14px;text-transform:uppercase;\" class=\"wpb_text_column wpb_content_element vc_custom_1738226857389 wpex-mt-auto\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p><span style=\"color: #393939;\">View profile<\/span><\/p>\n\n\t\t<\/div>\n\t<\/div>\n<\/div><\/div><\/div><\/div>\r\n<\/a><\/div><\/div><div class=\"wpex-post-cards-entry col col-2 span_1_of_3 post-40402 type-staff tag-97 cat-130 cat-131 cat-134 cat-102 translation_priority-373\"><div class=\"wpex-card wpex-card-template_29496\"><a href=\"https:\/\/allianceadvisors.com\/ja\/staff-member\/sandro-barbato\/\" aria-label=\"Sandro Barbato\" class=\"wpex-card-inner wpex-no-underline wpex-inherit-color\"><div class=\"vc_row wpb_row vc_row-fluid vc_custom_1739364896388 vc_row-o-equal-height vc_row-o-content-top vc_row-flex wpex-relative wpex-vc-has-custom-column-spacing wpex-vc-column-spacing-0px wpex-vc_row-has-fill wpex-vc-reset-negative-margin\"><div class=\"wpb_column vc_column_container vc_col-sm-12\"><div class=\"vc_column-inner\"><div class=\"wpb_wrapper\"><figure class=\"vcex-image vcex-module wpex-text-center\"><div class=\"vcex-image-inner wpex-relative wpex-inline-block image-filter-grayscale overlay-parent overlay-parent-plus-hover wpex-overflow-hidden\"><span href=\"https:\/\/allianceadvisors.com\/ja\/staff-member\/sandro-barbato\/\"><img loading=\"lazy\" class=\"vcex-image-img wpex-align-middle\" decoding=\"async\" src=\"https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2023\/03\/Sandro-Barbato-headshot-290x290.jpg\" alt=\"Head shot of Sandro Barbato, Senior Advisor\" srcset=\"https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2023\/03\/Sandro-Barbato-headshot-150x150.jpg 150w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2023\/03\/Sandro-Barbato-headshot-220x220.jpg 220w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2023\/03\/Sandro-Barbato-headshot-32x32.jpg 32w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2023\/03\/Sandro-Barbato-headshot-96x96.jpg 96w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2023\/03\/Sandro-Barbato-headshot-80x80.jpg 80w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2023\/03\/Sandro-Barbato-headshot-70x70.jpg 70w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2023\/03\/Sandro-Barbato-headshot-290x290.jpg 290w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2023\/03\/Sandro-Barbato-headshot-100x100.jpg 100w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2023\/03\/Sandro-Barbato-headshot-90x90.jpg 90w\" width=\"290\" height=\"290\">\n<div class=\"overlay-plus-hover overlay-hide theme-overlay wpex-absolute wpex-inset-0 wpex-transition-all wpex-duration-300\" aria-hidden=\"true\">\n\t<span class=\"overlay-bg wpex-flex wpex-items-center wpex-justify-center wpex-bg-black wpex-block wpex-absolute wpex-inset-0 wpex-opacity-60\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" height=\"40\" width=\"40\" stroke=\"#fff\"><path d=\"M-83 26.947h7.225v234.297H-83zM20 0h0v20h20 0-20v20h0V20H0h0 20z\"\/><\/svg><\/span>\n<\/div>\n<\/span><\/div><\/figure><div class=\"vcex-spacing wpex-w-100 wpex-clear\" style=\"height:25px;\"><\/div><style>.vcex-page-title.vcex_69e763adb5fb7 .vcex-page-title__heading{font-size:18px;font-weight:500;}<\/style><div class=\"vcex-page-title vcex-module vc_custom_1738165065143 vcex_69e763adb5fb7\"><h2 class=\"vcex-page-title__heading wpex-heading wpex-text-3xl\"><span class=\"vcex-page-title__text\">Sandro Barbato<\/span><\/h2><\/div><div class=\"vcex-spacing wpex-w-100 wpex-clear\" style=\"height:25px;\"><\/div><style>.vcex-heading.vcex_69e763adb6988{font-size:14px;font-weight:300;text-transform:uppercase;}<\/style><h3 class=\"vcex-heading vcex-heading-plain vcex-module wpex-heading wpex-text-2xl vc_custom_1738165180053 vcex_69e763adb6988\"><span class=\"vcex-heading-inner wpex-inline-block\">Managing Director<\/span><\/h3><div class=\"vcex-spacing wpex-w-100 wpex-clear\" style=\"height:40px;\"><\/div>\n\t<div style=\"font-size:14px;text-transform:uppercase;\" class=\"wpb_text_column wpb_content_element vc_custom_1738226857389 wpex-mt-auto\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p><span style=\"color: #393939;\">View profile<\/span><\/p>\n\n\t\t<\/div>\n\t<\/div>\n<\/div><\/div><\/div><\/div>\r\n<\/a><\/div><\/div><div class=\"wpex-post-cards-entry col col-3 span_1_of_3 post-55881 type-staff tag-97 cat-131 cat-149 cat-419 cat-646 cat-647 cat-683 cat-132 translation_priority-373\"><div class=\"wpex-card wpex-card-template_29496\"><a href=\"https:\/\/allianceadvisors.com\/ja\/staff-member\/ahmed-suliman\/\" aria-label=\"Ahmed Suliman\" class=\"wpex-card-inner wpex-no-underline wpex-inherit-color\"><div class=\"vc_row wpb_row vc_row-fluid vc_custom_1739364896388 vc_row-o-equal-height vc_row-o-content-top vc_row-flex wpex-relative wpex-vc-has-custom-column-spacing wpex-vc-column-spacing-0px wpex-vc_row-has-fill wpex-vc-reset-negative-margin\"><div class=\"wpb_column vc_column_container vc_col-sm-12\"><div class=\"vc_column-inner\"><div class=\"wpb_wrapper\"><figure class=\"vcex-image vcex-module wpex-text-center\"><div class=\"vcex-image-inner wpex-relative wpex-inline-block image-filter-grayscale overlay-parent overlay-parent-plus-hover wpex-overflow-hidden\"><span href=\"https:\/\/allianceadvisors.com\/ja\/staff-member\/ahmed-suliman\/\"><img loading=\"lazy\" class=\"vcex-image-img wpex-align-middle\" decoding=\"async\" src=\"https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2025\/02\/Ahmed-Suliman-290x290.jpg\" alt=\"\" srcset=\"https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2025\/02\/Ahmed-Suliman.jpg 1080w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2025\/02\/Ahmed-Suliman-300x300.jpg 300w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2025\/02\/Ahmed-Suliman-1024x1024.jpg 1024w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2025\/02\/Ahmed-Suliman-150x150.jpg 150w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2025\/02\/Ahmed-Suliman-768x768.jpg 768w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2025\/02\/Ahmed-Suliman-600x600.jpg 600w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2025\/02\/Ahmed-Suliman-290x290.jpg 290w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2025\/02\/Ahmed-Suliman-220x220.jpg 220w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2025\/02\/Ahmed-Suliman.jpg?w=432 432w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2025\/02\/Ahmed-Suliman.jpg?w=864 864w\" width=\"290\" height=\"290\">\n<div class=\"overlay-plus-hover overlay-hide theme-overlay wpex-absolute wpex-inset-0 wpex-transition-all wpex-duration-300\" aria-hidden=\"true\">\n\t<span class=\"overlay-bg wpex-flex wpex-items-center wpex-justify-center wpex-bg-black wpex-block wpex-absolute wpex-inset-0 wpex-opacity-60\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" height=\"40\" width=\"40\" stroke=\"#fff\"><path d=\"M-83 26.947h7.225v234.297H-83zM20 0h0v20h20 0-20v20h0V20H0h0 20z\"\/><\/svg><\/span>\n<\/div>\n<\/span><\/div><\/figure><div class=\"vcex-spacing wpex-w-100 wpex-clear\" style=\"height:25px;\"><\/div><style>.vcex-page-title.vcex_69e763adb9a61 .vcex-page-title__heading{font-size:18px;font-weight:500;}<\/style><div class=\"vcex-page-title vcex-module vc_custom_1738165065143 vcex_69e763adb9a61\"><h2 class=\"vcex-page-title__heading wpex-heading wpex-text-3xl\"><span class=\"vcex-page-title__text\">Ahmed Suliman<\/span><\/h2><\/div><div class=\"vcex-spacing wpex-w-100 wpex-clear\" style=\"height:25px;\"><\/div><style>.vcex-heading.vcex_69e763adba493{font-size:14px;font-weight:300;text-transform:uppercase;}<\/style><h3 class=\"vcex-heading vcex-heading-plain vcex-module wpex-heading wpex-text-2xl vc_custom_1738165180053 vcex_69e763adba493\"><span class=\"vcex-heading-inner wpex-inline-block\">Director, Governance Advisory Solutions<\/span><\/h3><div class=\"vcex-spacing wpex-w-100 wpex-clear\" style=\"height:40px;\"><\/div>\n\t<div style=\"font-size:14px;text-transform:uppercase;\" class=\"wpb_text_column wpb_content_element vc_custom_1738226857389 wpex-mt-auto\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p><span style=\"color: #393939;\">View profile<\/span><\/p>\n\n\t\t<\/div>\n\t<\/div>\n<\/div><\/div><\/div><\/div>\r\n<\/a><\/div><\/div><div class=\"wpex-post-cards-entry col col-1 span_1_of_3 post-40343 type-staff tag-96 tag-97 cat-131 translation_priority-373\"><div class=\"wpex-card wpex-card-template_29496\"><a href=\"https:\/\/allianceadvisors.com\/ja\/staff-member\/emmanuelle-palikuca\/\" aria-label=\"Emmanuelle Palikuca\" class=\"wpex-card-inner wpex-no-underline wpex-inherit-color\"><div class=\"vc_row wpb_row vc_row-fluid vc_custom_1739364896388 vc_row-o-equal-height vc_row-o-content-top vc_row-flex wpex-relative wpex-vc-has-custom-column-spacing wpex-vc-column-spacing-0px wpex-vc_row-has-fill wpex-vc-reset-negative-margin\"><div class=\"wpb_column vc_column_container vc_col-sm-12\"><div class=\"vc_column-inner\"><div class=\"wpb_wrapper\"><figure class=\"vcex-image vcex-module wpex-text-center\"><div class=\"vcex-image-inner wpex-relative wpex-inline-block image-filter-grayscale overlay-parent overlay-parent-plus-hover wpex-overflow-hidden\"><span href=\"https:\/\/allianceadvisors.com\/ja\/staff-member\/emmanuelle-palikuca\/\"><img loading=\"lazy\" class=\"vcex-image-img wpex-align-middle\" decoding=\"async\" src=\"https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2022\/12\/EPalikuca450-290x290.png\" alt=\"Headshot of Emmanuelle Palikuca, Managing Director, Head of Sustainability Advisory\" srcset=\"https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2022\/12\/EPalikuca450.png 450w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2022\/12\/EPalikuca450-300x300.png 300w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2022\/12\/EPalikuca450-150x150.png 150w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2022\/12\/EPalikuca450-350x350.png 350w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2022\/12\/EPalikuca450-230x230.png 230w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2022\/12\/EPalikuca450-210x210.png 210w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2022\/12\/EPalikuca450-220x220.png 220w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2022\/12\/EPalikuca450-70x70.png 70w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2022\/12\/EPalikuca450-64x64.png 64w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2022\/12\/EPalikuca450-26x26.png 26w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2022\/12\/EPalikuca450-25x25.png 25w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2022\/12\/EPalikuca450-290x290.png 290w, https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2022\/12\/EPalikuca450-100x100.png 100w\" width=\"290\" height=\"290\">\n<div class=\"overlay-plus-hover overlay-hide theme-overlay wpex-absolute wpex-inset-0 wpex-transition-all wpex-duration-300\" aria-hidden=\"true\">\n\t<span class=\"overlay-bg wpex-flex wpex-items-center wpex-justify-center wpex-bg-black wpex-block wpex-absolute wpex-inset-0 wpex-opacity-60\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" height=\"40\" width=\"40\" stroke=\"#fff\"><path d=\"M-83 26.947h7.225v234.297H-83zM20 0h0v20h20 0-20v20h0V20H0h0 20z\"\/><\/svg><\/span>\n<\/div>\n<\/span><\/div><\/figure><div class=\"vcex-spacing wpex-w-100 wpex-clear\" style=\"height:25px;\"><\/div><style>.vcex-page-title.vcex_69e763adbd9ae .vcex-page-title__heading{font-size:18px;font-weight:500;}<\/style><div class=\"vcex-page-title vcex-module vc_custom_1738165065143 vcex_69e763adbd9ae\"><h2 class=\"vcex-page-title__heading wpex-heading wpex-text-3xl\"><span class=\"vcex-page-title__text\">Emmanuelle Palikuca<\/span><\/h2><\/div><div class=\"vcex-spacing wpex-w-100 wpex-clear\" style=\"height:25px;\"><\/div><style>.vcex-heading.vcex_69e763adbe346{font-size:14px;font-weight:300;text-transform:uppercase;}<\/style><h3 class=\"vcex-heading vcex-heading-plain vcex-module wpex-heading wpex-text-2xl vc_custom_1738165180053 vcex_69e763adbe346\"><span class=\"vcex-heading-inner wpex-inline-block\">Managing Director, Global Advisory and Head of Sustainability<\/span><\/h3><div class=\"vcex-spacing wpex-w-100 wpex-clear\" style=\"height:40px;\"><\/div>\n\t<div style=\"font-size:14px;text-transform:uppercase;\" class=\"wpb_text_column wpb_content_element vc_custom_1738226857389 wpex-mt-auto\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p><span style=\"color: #393939;\">View profile<\/span><\/p>\n\n\t\t<\/div>\n\t<\/div>\n<\/div><\/div><\/div><\/div>\r\n<\/a><\/div><\/div><div class=\"wpex-post-cards-entry col col-2 span_1_of_3 post-62739 type-staff tag-97 cat-134 cat-701 translation_priority-373\"><div class=\"wpex-card wpex-card-template_29496\"><a href=\"https:\/\/allianceadvisors.com\/ja\/staff-member\/mayra-baraschi\/\" aria-label=\"Mayra Baraschi\" class=\"wpex-card-inner wpex-no-underline wpex-inherit-color\"><div class=\"vc_row wpb_row vc_row-fluid vc_custom_1739364896388 vc_row-o-equal-height vc_row-o-content-top vc_row-flex wpex-relative wpex-vc-has-custom-column-spacing wpex-vc-column-spacing-0px wpex-vc_row-has-fill wpex-vc-reset-negative-margin\"><div class=\"wpb_column vc_column_container vc_col-sm-12\"><div class=\"vc_column-inner\"><div class=\"wpb_wrapper\"><figure class=\"vcex-image vcex-module wpex-text-center\"><div class=\"vcex-image-inner wpex-relative wpex-inline-block image-filter-grayscale overlay-parent overlay-parent-plus-hover wpex-overflow-hidden\"><span href=\"https:\/\/allianceadvisors.com\/ja\/staff-member\/mayra-baraschi\/\"><img loading=\"lazy\" class=\"vcex-image-img wpex-align-middle\" decoding=\"async\" src=\"https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2025\/11\/MAYRA-BARASCHI-e1762274916489-290x290.jpg\" alt=\"\" width=\"290\" height=\"290\">\n<div class=\"overlay-plus-hover overlay-hide theme-overlay wpex-absolute wpex-inset-0 wpex-transition-all wpex-duration-300\" aria-hidden=\"true\">\n\t<span class=\"overlay-bg wpex-flex wpex-items-center wpex-justify-center wpex-bg-black wpex-block wpex-absolute wpex-inset-0 wpex-opacity-60\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" height=\"40\" width=\"40\" stroke=\"#fff\"><path d=\"M-83 26.947h7.225v234.297H-83zM20 0h0v20h20 0-20v20h0V20H0h0 20z\"\/><\/svg><\/span>\n<\/div>\n<\/span><\/div><\/figure><div class=\"vcex-spacing wpex-w-100 wpex-clear\" style=\"height:25px;\"><\/div><style>.vcex-page-title.vcex_69e763adc1367 .vcex-page-title__heading{font-size:18px;font-weight:500;}<\/style><div class=\"vcex-page-title vcex-module vc_custom_1738165065143 vcex_69e763adc1367\"><h2 class=\"vcex-page-title__heading wpex-heading wpex-text-3xl\"><span class=\"vcex-page-title__text\">Mayra Baraschi<\/span><\/h2><\/div><div class=\"vcex-spacing wpex-w-100 wpex-clear\" style=\"height:25px;\"><\/div><style>.vcex-heading.vcex_69e763adc1dd2{font-size:14px;font-weight:300;text-transform:uppercase;}<\/style><h3 class=\"vcex-heading vcex-heading-plain vcex-module wpex-heading wpex-text-2xl vc_custom_1738165180053 vcex_69e763adc1dd2\"><span class=\"vcex-heading-inner wpex-inline-block\">Director, Shareholder Engagement Services (SES), International<\/span><\/h3><div class=\"vcex-spacing wpex-w-100 wpex-clear\" style=\"height:40px;\"><\/div>\n\t<div style=\"font-size:14px;text-transform:uppercase;\" class=\"wpb_text_column wpb_content_element vc_custom_1738226857389 wpex-mt-auto\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p><span style=\"color: #393939;\">View profile<\/span><\/p>\n\n\t\t<\/div>\n\t<\/div>\n<\/div><\/div><\/div><\/div>\r\n<\/a><\/div><\/div><div class=\"wpex-post-cards-entry col col-3 span_1_of_3 post-64339 type-staff tag-97 cat-647 cat-134 cat-143 cat-101 translation_priority-373\"><div class=\"wpex-card wpex-card-template_29496\"><a href=\"https:\/\/allianceadvisors.com\/ja\/staff-member\/oliver-taylor\/\" aria-label=\"Oliver Taylor\" class=\"wpex-card-inner wpex-no-underline wpex-inherit-color\"><div class=\"vc_row wpb_row vc_row-fluid vc_custom_1739364896388 vc_row-o-equal-height vc_row-o-content-top vc_row-flex wpex-relative wpex-vc-has-custom-column-spacing wpex-vc-column-spacing-0px wpex-vc_row-has-fill wpex-vc-reset-negative-margin\"><div class=\"wpb_column vc_column_container vc_col-sm-12\"><div class=\"vc_column-inner\"><div class=\"wpb_wrapper\"><figure class=\"vcex-image vcex-module wpex-text-center\"><div class=\"vcex-image-inner wpex-relative wpex-inline-block image-filter-grayscale overlay-parent overlay-parent-plus-hover wpex-overflow-hidden\"><span href=\"https:\/\/allianceadvisors.com\/ja\/staff-member\/oliver-taylor\/\"><img loading=\"lazy\" class=\"vcex-image-img wpex-align-middle\" decoding=\"async\" src=\"https:\/\/e4h8grreyn6.exactdn.com\/wp-content\/uploads\/2025\/04\/Website-Colour-e1745507634485-290x290.jpg\" alt=\"\" width=\"290\" height=\"290\">\n<div class=\"overlay-plus-hover overlay-hide theme-overlay wpex-absolute wpex-inset-0 wpex-transition-all wpex-duration-300\" aria-hidden=\"true\">\n\t<span class=\"overlay-bg wpex-flex wpex-items-center wpex-justify-center wpex-bg-black wpex-block wpex-absolute wpex-inset-0 wpex-opacity-60\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" height=\"40\" width=\"40\" stroke=\"#fff\"><path d=\"M-83 26.947h7.225v234.297H-83zM20 0h0v20h20 0-20v20h0V20H0h0 20z\"\/><\/svg><\/span>\n<\/div>\n<\/span><\/div><\/figure><div class=\"vcex-spacing wpex-w-100 wpex-clear\" style=\"height:25px;\"><\/div><style>.vcex-page-title.vcex_69e763adc4ed1 .vcex-page-title__heading{font-size:18px;font-weight:500;}<\/style><div class=\"vcex-page-title vcex-module vc_custom_1738165065143 vcex_69e763adc4ed1\"><h2 class=\"vcex-page-title__heading wpex-heading wpex-text-3xl\"><span class=\"vcex-page-title__text\">Oliver Taylor<\/span><\/h2><\/div><div class=\"vcex-spacing wpex-w-100 wpex-clear\" style=\"height:25px;\"><\/div><style>.vcex-heading.vcex_69e763adc5b13{font-size:14px;font-weight:300;text-transform:uppercase;}<\/style><h3 class=\"vcex-heading vcex-heading-plain vcex-module wpex-heading wpex-text-2xl vc_custom_1738165180053 vcex_69e763adc5b13\"><span class=\"vcex-heading-inner wpex-inline-block\">Account Executive, Engagement<\/span><\/h3><div class=\"vcex-spacing wpex-w-100 wpex-clear\" style=\"height:40px;\"><\/div>\n\t<div style=\"font-size:14px;text-transform:uppercase;\" class=\"wpb_text_column wpb_content_element vc_custom_1738226857389 wpex-mt-auto\" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p><span style=\"color: #393939;\">View profile<\/span><\/p>\n\n\t\t<\/div>\n\t<\/div>\n<\/div><\/div><\/div><\/div>\r\n<\/a><\/div><\/div><\/div><\/div><\/div>[\/vc_column][\/vc_row][\/vc_section][vc_row][vc_column]<div class=\"vcex-spacing wpex-w-100 wpex-clear\"><\/div>[\/vc_column][\/vc_row][vc_row css=&#8221;.vc_custom_1753787606989{padding: 20px !important;background-color: #F1F1F1 !important;}&#8221;][vc_column][vc_column_text css=&#8221;&#8221; font_size=&#8221;13px&#8221;]\n<h3>Citations<\/h3>\n<p style=\"font-weight: 400;\">* Henderson Opportunities Trust and Keystone Positive Change Investment Trust have not disclosed their fees due to their voluntary liquidations.<\/p>\n<p style=\"font-weight: 400;\">\u2020\u00a0Edinburgh Worldwide Investment Trust recorded \u00a31.6 million in non-recurring expenses, comprising costs associated with the February requisitioned general meeting and \u2018legal costs incurred in connection with the cancellation of the share premium account\u2019.<\/p>\n<p style=\"font-weight: 400;\">\u00b1\u00a0<a href=\"https:\/\/warhorsepartners.com\/state-of-the-nation\" target=\"_blank\" rel=\"nofollow noopener\">https:\/\/warhorsepartners.com\/state-of-the-nation<\/a><\/p>\n<p style=\"font-weight: 400;\">\u00a7\u00a0<a href=\"https:\/\/www.theaic.co.uk\/aic\/news\/press-releases\/private-investor-sentiment-towards-investment-trusts-improves\" target=\"_blank\" rel=\"nofollow noopener\">https:\/\/www.theaic.co.uk\/aic\/news\/press-releases\/private-investor-sentiment-towards-investment-trusts-improves<\/a><\/p>\n[\/vc_column_text][\/vc_column][\/vc_row]\n<\/div>","protected":false},"excerpt":{"rendered":"Oliver joined 成人视频 in 2025 to support the &hellip;","protected":false},"author":58,"featured_media":64807,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[383],"tags":[],"post_series":[],"ppma_author":[692,745],"class_list":["post-65502","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-whitepapers-ja","entry","has-media"],"authors":[{"term_id":692,"user_id":58,"is_guest":0,"slug":"a-suliman","display_name":"Ahmed Suliman","avatar_url":"https:\/\/secure.gravatar.com\/avatar\/afd6e9f3d40e763ba000d3eca3ba1a17a348bf621112563098ec3ccff07b5d78?s=96&d=mm&r=g","0":null,"1":"","2":"","3":"","4":"","5":"","6":"","7":"","8":""},{"term_id":745,"user_id":90,"is_guest":0,"slug":"oliver-taylor","display_name":"Oliver Taylor","avatar_url":"https:\/\/secure.gravatar.com\/avatar\/fb808331a40d6c055acb106ba4a8583a40d3e8c6dde939dd85adc712dcb6e4b5?s=96&d=mm&r=g","0":null,"1":"","2":"","3":"","4":"","5":"","6":"","7":"","8":""}],"_links":{"self":[{"href":"https:\/\/allianceadvisors.com\/ja\/wp-json\/wp\/v2\/posts\/65502","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/allianceadvisors.com\/ja\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/allianceadvisors.com\/ja\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/allianceadvisors.com\/ja\/wp-json\/wp\/v2\/users\/58"}],"replies":[{"embeddable":true,"href":"https:\/\/allianceadvisors.com\/ja\/wp-json\/wp\/v2\/comments?post=65502"}],"version-history":[{"count":1,"href":"https:\/\/allianceadvisors.com\/ja\/wp-json\/wp\/v2\/posts\/65502\/revisions"}],"predecessor-version":[{"id":65507,"href":"https:\/\/allianceadvisors.com\/ja\/wp-json\/wp\/v2\/posts\/65502\/revisions\/65507"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/allianceadvisors.com\/ja\/wp-json\/wp\/v2\/media\/64807"}],"wp:attachment":[{"href":"https:\/\/allianceadvisors.com\/ja\/wp-json\/wp\/v2\/media?parent=65502"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/allianceadvisors.com\/ja\/wp-json\/wp\/v2\/categories?post=65502"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/allianceadvisors.com\/ja\/wp-json\/wp\/v2\/tags?post=65502"},{"taxonomy":"post_series","embeddable":true,"href":"https:\/\/allianceadvisors.com\/ja\/wp-json\/wp\/v2\/post_series?post=65502"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/allianceadvisors.com\/ja\/wp-json\/wp\/v2\/ppma_author?post=65502"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}