The question of trust, which I wrote about in a previous blog is becoming more important by the day.
Recent analysis from two companies, Unicepta and Muck Rack, which landed in our inbox shows the extent to which external sources and narratives are driving people’s views of companies.
Unicepta found that in over 90% of its analyses1, the way in which companies are represented in AI systems is largely driven by external sources and narratives.
Similarly, Muck Rack analysed more than 1 million links from AI responses2 and found that non-paid media accounts for about 94% of links cited; the majority of which come from journalistic sources. Earned media (non-paid journalistic coverage) forms about 25% of all citations.
So naturally I wanted to ask my new best friend, ChatGPT, what it thought about all this. I asked how many of its own citations are driven by journalistic sources, and it said: “journalistic sources typically account for somewhere between ~20% and ~47% of AI citations, depending on the study, query type and methodology.”
You could surmise that this is because journalist-generated copy is trusted. Journalists – and publications’ sub-editors – are a reliable third-party voice when it comes to facts. Facts have been checked, sources verified. The element of trust is there.
This is important for any brand because people are increasingly starting to switch their search activity from traditional search engines towards AI models3 – a trend which is set to gather speed exponentially if my own search use is anything to go by. Generative Engine Optimisation (GEO) is usurping SEO when it comes to search.
Clearly this shift will have implications for companies who want to raise their visibility. Credible media coverage will be more important than ever if you want your company to be considered or even discovered by audiences.
Quill PR has been helping clients raise their profile via earned coverage for over a quarter of a century now, and we understand how positive media coverage can help businesses meet their objectives. The importance of this type of exposure looks set to grow exponentially over the coming months.
Chat GPT then helpfully offered me a ready-made quote I could use in my blog. Thanks friend!
“Roughly a quarter of AI-generated citations now come from journalistic sources, rising to nearly half for time-sensitive queries such as markets and regulation. For UK financial services firms, that reinforces a familiar truth: authoritative, earned media coverage isn’t just shaping reputation — it’s increasingly shaping how AI systems interpret credibility and surface information to investors.”
Emma Murphy is a Director at Quill PR
1. source UNICEPTA: GEO – Generative Engine Optimization for AI Search Visibility
2. source What Is AI Reading? December 2025 [Final]
3. source 37% of consumers start searches with AI instead of Google: Study
🏆We’re delighted to share that, for the third year in a row, Quill PR has been shortlisted for Communications & PR Agency of the Year 2026 at the upcoming Citywealth Brand and Marketing Awards.
This recognition means a great deal to our team and reflects the passion, commitment and expertise we bring to our work every day.
As always, we’re incredibly grateful to our fantastic clients – collaboration and support are at the heart of everything we do.
Thank you to Citywealth for the nomination, and congratulations to all the other nominees!
The low cost, transparency and liquidity of ETFs with the outperformance potential of an actively managed strategy, has led to a surge in their popularity amongst investors, leading some to realise the uncomfortable reality that the traditional investment trust model is under severe pressure from structural changes in the market.
Changing Landscape
Investment trusts once served a clear purpose. They provided access to illiquid markets, allowed patient capital deployment without redemption pressures, and offered a closed-end structure that made sense when macro-economic developments caused market volatility and could trigger devastating outflows from open-ended funds. But the competitive environment has fundamentally shifted.
The emergence of low-cost ETFs has altered the calculus dramatically. An investor can now buy broad beta for roughly 25 basis points, compared to 100 basis points or more for actively managed trusts. When a traditional trust runs 60-plus holdings, it essentially offers actively managed beta and beta can be bought far more cheaply elsewhere.
The mathematics are stark. A diversified portfolio might outperform by 50 to 100 basis points annually, but after fees, the net value proposition becomes questionable. Investors can achieve similar exposure through passive products with dramatically lower costs and perfect liquidity.
High conviction
This reality is forcing a fundamental reconceptualisation across the industry. Investment trusts that want to remain relevant are moving aggressively toward high conviction portfolios typically 30 to 40 names or fewer. This isn’t a marginal adjustment; it represents a complete rethinking of what active management means.
High conviction portfolios create genuine differentiation from passive alternatives, but they cut both ways. A concentrated portfolio that makes correct calls can significantly outperform. But mistakes show up clearly in returns.
There’s no hiding in a 70-name portfolio anymore. Every position matters, and this level of accountability, while uncomfortable, is what the market demands from active managers.
Structural Advantages and Disadvantages
The closed-end structure does provide one genuine advantage: trusts aren’t forced sellers during market stress. When market volatility spikes and sentiment turns negative, open-ended funds face redemptions that force managers to sell their best ideas at the worst prices. A trust structure can maintain conviction and wait for markets to stabilise.
This matters particularly with certain markets, like emerging markets, which are inherently cyclical and prone to sentiment-driven volatility. Being able to look through volatile periods without forced selling has value, though not enough to justify the structure alone.
However, this advantage comes with a significant cost: discounts to net asset value (NAV). When sentiment sours, the share price can trade significantly below underlying asset value.
This creates a dual-layer problem not only does the NAV need to perform, but the discount needs to narrow for share price returns to match. Open-ended funds don’t face this issue.
Specialisation as differentiation
Even within the investment trust universe, specialisation matters. Investment trusts with a broader universe compete primarily on manager skill and track record, directly competing with ETFs.
More focused sector trusts – whether on specific markets, regions or countries – compete on offering expertise and access that passive products don’t provide.
This creates a natural hierarchy. The more specialised and niche the focus, the stronger the case for the trust structure, assuming the manager delivers the promised expertise.
The broader and more benchmark-like the approach, the harder it becomes to justify the structure and fees against passive alternatives.
Future
For investment trusts to remain relevant in, several shifts are necessary:
To find out more about the Investment Trust sector, and the challenges it faces, check out the Missing Lever: A Blueprint Beyond Buybacks
Robbie Lawther and McKinley Sadler are Account Director and Account Manager at Quill PR.
Quill PR team, 2025.
Tell us about your company, services and specialisms
We are a boutique agency specialising in media relations and strategic communications for the investment, wealth management and financial advice industry, as well as PR and investor relations for investment trusts.
Which financial services clients do you currently work with?
We only work with financial services firms and our clients range from large asset managers, wealth managers, investment trusts and investment industry bodies to smaller boutique and start-up businesses. Our asset management clients cover the gamut from private equity and real assets to listed funds covering all and every type of asset class.
Who is on your team?
We are a close-knit senior team with a variety of industry backgrounds, plus some Rising Stars (as nominated by Headlinemoney!)
What’s the best way to get in contact with your team?
Email or telephone/mobile is the easiest way to get hold of any of us. Or just pop in to our offices for a coffee.
How long does it take you to turn around requests?
We always aim to turn around requests within the deadlines we are given, even if they are within a few hours.
What kind of resources do you have at your disposal – e.g. spokespeople, case studies etc
We have some excellent fund manager, wealth manager and distribution experts who are always happy to help, diaries permitting. We can cover almost any asset class, as well as comment on tax and planning through our wealth clients. We have some real characters among our client base as well, as many of your journalist readers can probably attest to!
Tell us about any recent press campaigns you have worked on
Quill is currently working on a major investment trust campaign alongside agencies, Hub and Warhorse. Called “The Missing Lever”, the campaign looks to help investment trusts take a broader view to help shrink discounts, reduce the amount of buybacks and organically grow their company. This includes an industry-led campaign, making full use of marketing and PR to reach a wider audience of potential investors. Quill, Hub and Warhorse launched the campaign with a documentary screening featuring luminaries of the investment trust world and drinks at the London Stock Exchange in September.
Congratulations on your success at the 2025 Headlinemoney Awards! How did you feel when you were announced as PR Agency of Year?
Regrettably, I was away when the awards happened but judging by the number of excited messages I received during the evening, I would say the team were overjoyed.
Any upcoming events for the financial press in the next few months?
We will be continuing with The Missing Lever investment trust campaign and hoping to speak to as many investment trusts as we can. The first of a series of regular roundtables is starting on 14 October.
Quite a few of our clients will be hosting 2026 outlook breakfasts and lunches over the next few weeks, and our clients often host popular journalist masterclasses on more complex financial services topics which could use a little extra explanation.
We’re more than happy to arrange meetings with… CEOs, spokespeople, star managers, etc
Our clients would love to meet any journalists in the investment, wealth and advice space (and frequently do), so please do get in touch.
Do you have any upcoming stories for journalists to look out for?
2026 outlooks and, of course, the Budget! Plus, some exciting new fund launches, private equity fund closes, roundtables and lots more!
And finally, anything else you would like to bring to the attention of financial journalists?
I know many claim it, but Quill really is a one-stop shop for anything and everything investment-related, and we pride ourselves on our responsiveness and helpfulness in our dealings with journalist colleagues.
This article was originally published on HeadlineMoney.co.uk
We’re absolutely thrilled to announce that Quill PR has been named PR Agency of the Year at the 2025 Headlinemoney Awards!
Image courtesy of Headlinemoney
This award is one of the most prestigious in financial journalism and communications, and we are incredibly proud to receive this recognition from such a respected institution. It reflects not only the hard work, creativity and dedication of our team but also the trust and collaboration of the journalists, editors and clients we work with every day.
The Headlinemoney Awards celebrate the best in UK financial journalism and PR, with winners selected by a panel of judges and voted for by financial journalists. To be recognised among such exceptional talent in the industry is a true honour.
A huge thank you to our fantastic clients who give us the opportunity to tell compelling stories, and to the journalists who engage with our work so thoughtfully.
We remain as committed as ever to delivering intelligent, honest and effective financial communications.
We’re excited for what’s to come next!
Currently the news is awash with untruthful exploits where misinformation, exaggeration, downright lies and cover-ups have been exposed. While the truth might have been painful or embarrassing originally, the fallout from exposed lies is always 100 times worse.
Image courtesy of Pexels
The Observer’s recent outing of the alleged untruths in the book ‘The Salt Path’ was staggering to read, and made headlines across multiple media outlets, thanks in part to the premiere of the film based on the book. The protagonists, who had built a sympathetic and loyal following of readers due to their resilience in the face of adversity, were alleged to not only be untruthful, but in the author’s case potentially criminal.
Another key story last week was the publication of the report into the Horizon Post Office scandal, which outlined some of the awful impacts the scandal had had on those involved, including the suicide of at least 13 people. This intensely sad part of this story is just the tip of an iceberg of tragedy which has affected so many, and still lingers on, with hesitation and obfuscation surrounding payouts to victims.
Again, this story started with something going wrong (at a corporate level this time), but instead of facing the embarrassment of a mistake, taking the financial hit and taking responsibility, it was decided to not only lie about the nature of the problems, but also to lay the blame at the feet of innocent people. As the report pointed out, the bosses at the Post Office “maintained the fiction that its data was always accurate.”
The price of what would have been a costly mistake several years ago is now exponentially higher, but moreover, lives have been ruined and lost.
When lies are told, or covered up, the repercussions can be terrible, financially and on people’s lives. And deservedly, reputations can be completely destroyed.
Recent exposure by the Press Gazette into fake commentators and fake case studies underlines the importance of integrity and trust in the PR and media industry too.
Reputations are hard-won and easily lost, and when all is said and done an organisation’s or an individual’s reputation is one of its key assets, with the potential to make or break. Integrity is critical.
Emma Murphy is a Director at Quill PR.
Quill are pleased and proud to share that we have been shortlisted for the Headlinemoney Awards 2025 for both PR Agency of the Year, and our Account Manager Emma Taylor has been shortlisted for Rising Star PR Professional of the Year!
The Headlinemoney Awards celebrates the best in journalist, editorial excellence, and top-flight communications from the world of financial services media.
Thank you to all the wonderful financial journalists, past and present, who we’ve worked with over the years to bring our clients’ stories to print, these recognitions aren’t possible without their help.
It all started in 2012 with Shinzo Abe’s economic legacy, coined Abenomics. The first two arrows – monetary policy and increased government spending, were quick to implement while early signs of the third – economic structural reform – were starting to emerge. At AVI, it seemed the right time to seize the opportunity in Japan.
By the beginning of 2019 it was evident that the Corporate Governance Code was having a marked impact on the behaviour of companies and shareholders in Japan. Attitudes towards balance sheet efficiency, operating efficiency and shareholder returns were shifting. We began to see an increase in the quantum and success of shareholder activism. During the 2019 AGM season, a record 54 companies received shareholder proposals, 28% more than the previous year.
Private Equity joins the Party
This new shareholder activism in Japan came to the attention of private equity funds and by the end of 2019 large global private equity players were showing their enthusiasm for Japan. For some time, they had been aware of Japan’s abundance of excess balance sheet cash, potential for margin improvement, and cheap financing; however, the changing corporate governance environment was prompting renewed interest. KKR, Apollo, Blackstone, Bain, Carlyle and Permira had offices or were quickly opening offices in Japan.
This trend was encouraging especially as the type of companies AJOT held were ripe for acquisition. Companies with no debt, copious excess cash and consistent free cash flow generation. AJOT benefitted from its first takeover transaction when Nitto FC was taken private at a +38% premium by a private equity firm.
The Unexpected: COVID-19
The outbreak of COVID-19 and the related lockdowns led to a broad sell-off in global assets. There were few safe havens, and although Japan experienced a lower infection rate than Western countries, Japanese equities suffered, nonetheless. The severe economic shock from an unforeseen event like COVID-19 highlights the advantages of investing in resilient companies with solid balance sheets. While in the short-term factors might weigh on performance, we were confident that our companies were well positioned for a recovery.
The second quarter of 2020 saw a strong recovery in equity markets, as fears of a prolonged shutdown from the COVID-19 outbreak receded. However, 2020 was not an easy year for our strategy as it stifled our engagement activity and portfolio companies took a more cautious stance on reform. We proceeded, despite restrictions on travel, with our public campaign on Fujitec, a global manufacturer of elevators and escalators. We launched a website highlighting a multitude of issues ranging from low margins, poor shareholder returns to manufacturing inefficiencies.
Governmental and Regulatory Bodies on Side
Throughout this period the message from the governmental and regulatory bodies was clear – they will keep ratcheting up guidelines and regulation to ensure reform continues. The Financial Service Agency, METI (Ministry of Economy, Trade and Industry) and the TSE (Tokyo Stock Exchange) were seemingly aligned on supporting corporate reform and shareholder engagement. This pressure from
the government and regulatory bodies continued when the TSE announced that shares held by domestic banks and insurance companies would be excluded from its free float calculation. This was a direct attack on Japan’s allegiant shareholder problem and created more opportunity to engage with some of our portfolio companies on unwinding cross-shareholdings.
In 2020 PM Shinzo Abe resigned due to ill health, but his successors, Yoshihide Suga then Fumio Kishida in 2021, continued Abe’s reform agenda. The corporate reform arrow had already been launched and changes in politicians would not deter it.
By 2021 an updated Corporate Governance Code was released. The most salient points were the ones focused on independent directors with pertinent skills and the requirement for listed subsidiaries to oversee conflicts of interest. This scrutiny on listed subsidiaries was positive for AJOT as we had exposure to six listed subsidiaries at that time.
In 2023, the TSE followed through on their announcement calling on companies to address low valuations. This was mostly aimed at the 1,800 companies in Japan that trade on a price-to-book ratio of less than 1x. It was an encouraging step, highlighting that regulators are continuing to use their powers to promote reform. Then later in the year METI published its “Guidelines for Corporate Takeover”. The guidelines contained encouraging wording and we made our first tender offer to a portfolio company, seeking to take a minority stake. The option of putting forward tender offers won’t be an appropriate strategy for all our holdings, but we believe the environment has evolved in such a way that unsolicited tenders can now become a valuable tool to add to our engagement repertoire.
Engagement Campaigns
Looking back over the past five years, we launched 10 public campaigns and numerous more private engagement campaigns. We submitted 14 shareholder proposals, created 10 campaign webpages, wrote over 100 letters to managements and Boards and held nearly 500 meetings. The responses have for the most part been accepting, and increasingly so with companies becoming more aware of their responsibilities to shareholders.
| Engagement Type | Five Year Engagement1 | # Portfolio Companies |
| Presentations | 44 | 18 |
| Letters | 105 | 29 |
| Press releases | 10 | 7 |
| Meetings | 493 | 41 |
The Carrot or the Stick
Although most of our engagement was private, our public campaigns helped to add pressure to both the companies being targeted and our other portfolio companies. Overall, our public campaigns – which some might perceive as aggressive in their demands – have enabled us to deepen the relationship with our portfolio companies. We believe by focusing on a whole suite of issues, not just capital efficiency, and basing our arguments on the principles of the Corporate Governance Code, it has been harder for management to push back against our suggestions. The intent of our campaigns was to raise awareness of issues weighing on the share price, force management to discuss them, and encourage other shareholders to pressure management to rectify them.
The Macro Environment
We are optimistic about the macro environment in Japan. The weak Yen makes Japan highly cost-competitive, both for tourism and manufacturing. Inflation has continued to creep higher having returned after a 30-year absence and with wage growth and increased spending, we see a more rational allocation of capital and improved productivity. This bodes well for the companies we invest in. The Bank of Japan (BOJ) expansionary monetary policy over the past five years has weighed heavily on the Yen, which on an effective real exchange rate basis is at the cheapest since the early 70s. Even a small adjustment in monetary policy could lead to a stronger Yen. This could be a driver for attractive absolute returns.
Case Study: Challenges
SK Kaken, a manufacturer of construction coating paints, has been in the portfolio since inception, generating a return on investment of -23% with an IRR of -6%. Our proactive engagement with SK Kaken management has broadly focused on capital allocation and liquidity enhancement, corporate governance, and shareholder communications. AVI has consecutively submitted shareholder proposals at the three most recent AGMs. At the latest AGM, we sought to return the excess cash being hoarded on the balance sheet back to shareholders via dividends as well as the cancellation of treasury shares. We achieved majority support from minority shareholders; however, the resolutions were not passed due to the founding families significant ownership stake.
More positively, despite the founding Fujii Family holding more than 40% of the votes, management recently completed a 5-for-1 stock split, have reduced director tenure, transitioned to a company with an audit & supervisory committee, increased board independence, and improved disclosure of ESG performance and quarterly results. Although we are pleased that management have implemented some of our suggestions, there is a long way to go with SK Kaken still trading on a derisory EV/EBIT multiple of 0.3x, compared to its peer group average of 8.4x.
Case Study: Successes
Fujitec, an elevator installation and maintenance company, was a near five year holding since inception in October 2018, generating a return on investment of +111% and an IRR of +32%. We engaged extensively with Fujitec management on several areas, including operational improvements, capital allocation, corporate governance, and shareholder communications.
In early 2020, having been a shareholder for more than a year and having received a lacklustre response from management to the three letters we had sent thus far, our engagement turned public as we launched the AVI campaign website ‘Taking Fujitec to the next level’. This prompted a more pragmatic response from management, as Fujitec announced its future strategic direction plan and later revised its Vision24 min-term plan after AVI threatened another public presentation and accompanying press release.
Overall, despite early resistance, management responded positively to our suggestions, announcing a share buyback program, reorganising the board to be majority independent, and providing full English translation of results. As a result, Fujitec’s EV/EBIT valuation multiple increased from 6x to 20x over our investment period.
Summary
A famous Japanese proverb is an apt one, “fall seven times and stand up eight”. We can write numerous letters and presentations to management and boards of companies before receiving a positive response, but perseverance pays off. The environment has become more supportive for our approach, and we remain convinced that our strategy is effective. The opportunity in our portfolio to outperform is impressive and we see the developments over the past five years as a strong tailwind to propel us forward.
This article was written by AVI Japan Opportunity Trust (AJOT)
Header image courtesy Kaichieh Chan via Pexels.com
Much has been reported in recent months of companies de-listing from the London Stock Exchange and de-camping to the US for better valuations of their businesses. And yet the UK has its champions and investors should perhaps consider the positives and buy more British.
One advantage for UK investors is that companies remaining listed in London are seen as cheap – and these are not companies which are doing badly – it is just that they are often under appreciated.
Alec Cutler, portfolio manager and head of multi-asset at Orbis Investments (pictured) says: “UK names keep popping up as being super cheap. We find that they’re good companies, they might need a tweak here or there, but they’re fantastic yet selling at very cheap prices. So they offer high dividend yields, high free cash flow yields, very solid book, and cheap book values.”
Examples, he highlights are Headlam, energy players Hunting, Drax and Balfour Beatty, the latter he says “one of the best positioned construction companies in the world, selling at a double-digit free cash flow yield, eight times earnings.
“The reason these companies are cheap is because of changes to pension reform in the UK. UK pension holdings in UK equities went from approximately 50% around 1997 to 4% today, a massive outflow of money. And the current prices reflect the fact that investors around the world just don’t know these names as well as they should, and as well as we think they will.”
Examples of a company which wants to forgo its London listing and one which might like to list here, are Okyo Pharma and Coinbase, respectively.
Gabriele Cerrone, founder and chairman of biotechnology company Okyo Pharma, which specialises in eye disease treatment, is taking his company out of the UK and his issue is not so much valuation as appreciation. Quoted in the Daily Mail he says UK investors are only interested in mining and oil giants – “What I learnt about trying to create a niche biotech company in the UK is that it is like trying to grow plants in the desert. It has been a complete waste of time and we never raised money from investment banks. There’s no biotech culture nor any liquidity in the United Kingdom at all.”
In its Notice of Intention to delist from the London Stock Exchange, Okyo said: ‘The Company has decided to request the voluntary cancellation of listing as the volume of trading of the Ordinary Shares on the Main Market is negligible and does not justify the associated costs.’
Meanwhile crypto exchange Coinbase may not be averse to the idea of a London listing given dissatisfaction with the clarity of crypto regulation in the US.
Brian Armstrong, co-founder and chief executive officer of Coinbase told BBC Radio 4’s Today programme, when asked if he would have considered listing on the LSE rather than New York: “We started in the US so it was natural for us to list there but honestly given the UK has recently actually been quite positive on crypto, in a different world going back we may have considered it, to be honest at this point. I do think the US risks falling a little bit behind here if some of the regulators don’t engage further with the industry and create that clear regulatory environment that will remove some of these clouds.”
Then we have statistics from The Insolvency Service showing that the number of corporate insolvencies was 16% higher in March than in the same month last year. Yes, there is a cost of living crisis but when we do spend and where are we spending? Not on these businesses, it seems.
One has to consider where, as investors we are focusing. Who does crypto currency investing benefit and who benefits from biotech investing? No one is suggesting one invests in the latter for philanthropic reasons alone – there are returns to be made after all. But is investing in something that can’t be seen, rather than in something that develops treatment for inflammatory eye diseases, somewhat myopic.
Stephanie Spicer is head of content at Quill PR
There are generalisations about women and investing: they are too hesitant, too risk averse, they have too many other calls on their finances, are not paid equally … are they generalisations? Excuses? Actualities?
The Wisdom Council which worked with companies such as Scottish Widow, St James’ Place and Vitality to attempt to tackle the gender pensions gap claims Women have simply never considered investing – even when they are part of a pension scheme, they don’t think of themselves as investors (75% of those polled didn’t know they were investors, even though the recruitment criteria included involvement in a workplace pension).
While auto enrolment may mean more people have access to pension saving and investments a key part of the advantage is missing if there is no active investment involved – which it won’t be if these women actually invested in pensions don’t recognise themselves as investors.
The Wisdom Council’s Yes She Can campaign research showed that the average woman’s pension pot is one fifth of the average man’s pension and at current rates, it will take 100 to 250 years to address the gap. Additionally 49% of women had never invested and, of those, 85% didn’t think investing was ‘for people like them’.
The statistics run on. According to the Fawcett Society women took home on average £564 less per month than men in 2022 (£536 in 2021) and possible because of or exacerbated by the cost of living crisis 53% of women would use the additional money to turn on heating and lights more often, and 48% report that their mental health would improve. For many the prospects of improving things are not overwhelmingly positive as 35% of women want to work but are prevented by reasons including a lack of flexible working options and affordable childcare.
Fidelity has for years research and campaigned on women and money. Its most recent research shows that while women are passionate about tackling societal and environmental issues, with 57% wanting to take action against climate change, 40% want to improve poverty and homelessness and 34% would like to influence positive change towards animal welfare, many are unaware of ‘the positive impact they could have through their pensions and investments, with 68% unfamiliar with Environmental, Social and Governance (ESG) investing.
This is all somewhat depressing and rather makes us women look a bit silly.
But not really when one considers Fidelity research into the ‘gender pay rise gap’, which based on ONS data shows that taking the average salary for a 25 year old women was £25,066 and for men £37,817. Were those salaries to rise by 1% in real terms each year the average pay rise every five years would be £1,284 for women and £2,017 for men. Salaries at retirement would be £49,682 for women and £75,748 for men. The respective pensions at retirement, assuming an 8% salary contribution would be £276,403 and £419,006 – a difference of £142,603. That’s a lot less available to spend on heating, lighting or childcare, on climate change, improving poverty and homelessness and animal welfare.
And of course, these issues impact on all of us, on all our worlds, male or female. Which makes us all look a bit silly. And it leaves the investment industry with a job still to do to attract more investors.
Stephanie Spicer is head of content at Quill PR