AIC: Investment company launches are rocketing in 2010

Investment company launches have increased significantly in 2010, more than doubling the number of new enterprises entering the market during the whole of 2009.

Corporate and private banking groups may benefit from the "bumper" year for the sector, as the Association of Investment Companies (AIC) reports the trend has already raised £1.16 billion since January.

This is in comparison with 2009, which saw only four firms launched, earning a total of £568 million over the 12-month period.

Director general of the AIC says activity in the sector has "most definitely" picked up, adding: "The most notable change has been an increased number of launches and the innovative nature of their investment strategies."

Speculators using corporate or private banks to manage their assets could find there is a wider choice of vehicles and may be celebrating the signs of renewed strength in financial markets.

Managers of such funds might have a job for life, as the AIC recently revealed the longest serving professional is Hugh Mumford of Electra Partners, who has held the role for 29 years.  ADNFCR-2318-ID-800026196-ADNFCR