1. The recent Budget has resulted in reform to the AIM IHT rules, so investment managers will need to navigate the changing landscape along with any further reforms, such as changes to pensions.

2. We continue to see investors allocating more client funds into global equities, but there is still a strong focus and belief the UK represents good value, especially in the FTSE 350 universe.

3. There has been lots of consolidation in the wealth management community, but active client management remains a key focus and we continue to see strong engagement around our corporate access and research product.

1. Geopolitical risks and political change are expected to continue to present both challenges and opportunities.

2. As interest rates continue to fall, UK companies will be focused on the prospects for further growth.

3. We expect strong corporate activity and investor engagement to continue in the UK and look forward to working closely with our clients to take advantage of opportunities.

1. We are now seeing inflows into UK equities, giving fund managers more capital to deploy and representing a great opportunity for our corporate clients to increase focus on their investor relations activities.

2. With the UK continuing to look attractively valued, we are seeing an increase in attention from international investors looking to the UK for new investment opportunities.

3. Our AIM clients are once again keen to get back on the front foot with investors given the recent Budget didn’t adversely impact them as much as many had feared.

1. 2024 was a record year for M&A in the Investment Companies sector. We expect this high level of corporate activity to continue in 2025.

2. More vocal shareholders and activist activity in the face of wide discounts are likely to be pivotal for the future of the sector.

3. Investment Companies will continue to offer access to less liquid asset classes, such as Infrastructure, Private Equity and Specialist Debt.