Foreign & Colonial’s trust is still thriving, 147 years on from its inception, and a raft of regulatory changes look likely to present opportunities both for heavyweight established names and big name newcomers like Woodford. The launch of the latter’s Patient Capital Trust has contributed to record inflows into the closed-ended sector this year. But investment trusts were already enjoying a sustained upturn in investor interest, supported by helpful changes in the regulatory landscape.

The Retail Distribution Review in 2012 removed the hurdle of commission, which was widely believed to have fuelled a perceived adviser bias towards open-ended investment funds, typically unit trusts.

Investment trusts have benefited from the new landscape and an increased adviser focus on fees and were widely expected to be given another shot in the arm with the advent of retirement freedoms this year. With millions of pensioners suddenly able to access billions in pension funds, investment trusts have been touted by many as an ideal solution as an investment vehicle that can provide underlying growth while paying a regular income.

Their structure allows them to retain a portion of the income from investments held, which can be used to pay out if and when dividends drop off for any reason. It is argued that this should serve to counter their inherent volatility and provide enough appeal to more than offset the much-trumpeted confusion around the products. If they can provide an increasing income it is worth advisers overcoming any uncertainty about discounts, gearing or any liquidity fears that investors might have.

Other perceived issues include investment trusts’ limited availability through the platforms that underpin adviser business today. But the vehicles have always been available through wrap platforms, and there are signs that the reticence of the big adviser platforms could be thawing. Fidelity FundsNetwork has recently announced it intends to begin offering a small range of closed-ended funds. And this can be expected to expand if demand continues to increase.

While the products have become more popular and claim to offer a solution for everyday investors, they have not been restricted to the mainstream. Indeed it is esoteric areas such as infrastructure and property which have seen a lot of attention.

This supplement will cover these areas and more, pooling the views of investment trust managers, trade associations and advisers to see how every area of the market is shaped, and to assess how they might develop.