When it comes to investing in the UK, there is usually something to suit every temperament. Craving safety? The blue-chip heavyweights of the FTSE 100 are there to oblige. Fancy a bit of spice? Small-caps can happily provide it. But sitting quietly between the two, often overlooked by the average investor, is a category that deserves far more attention than it gets: mid-caps.
Mid-caps are the classic middle child of the UK stock market. They arrived after the large-caps had already set the benchmark, and they grew up without the attention-grabbing volatility of the smaller names beneath them. The result is an index, the FTSE 250, that has spent years being written off as dull, domestically exposed and somehow perpetually disappointing. Yet the numbers tell a rather different story. The FTSE 250 has compounded at 8.9% a year, comfortably ahead of the German DAX, the French CAC 40, Japan’s Nikkei 225, MSCI Emerging Markets, and other indices that have a lot more attention that the 250. Only the giant US indices, backed by a domestic investment culture that has relentlessly championed its own companies, have done better.
That is an awkward fact for anyone who assumes the UK mid-cap space is broken. It isn’t – it has simply had to grow up the hard way. British mid-sized companies have weathered Brexit, forcing them to rebuild supply chains almost overnight; then Covid, which demanded they do it all over again; and more recently a jittery domestic economy alongside a chronic lack of support from UK pension funds and long-term capital, which have increasingly looked overseas rather than backing businesses at home. Listing rules have grown less competitive, disclosure requirements more burdensome, and government messaging about ambition and success has often been mixed at best.
And yet many of these companies have emerged leaner, more adaptable and more resilient than their large-cap peers, who often have one dominant lever to pull rather than many under their own control. Fund managers who spend their days combing through the FTSE 250 describe a pool of businesses that have quietly mastered “self-help”: tightening margins, sharpening cash generation and reinvesting in future growth rather than paying themselves lavishly the moment conditions improve. None of this is glamorous, but it is exactly the discipline that active managers look for.
What makes the space genuinely interesting to savvy investors is the combination of quality and growth available without paying a premium for it. Passive money has piled into a handful of mega-cap names at the top of the market, leaving structural growth stories further down the index relatively neglected, despite many of them having global reach, strong margins and outstanding management.
The FTSE 250 also offers routes into areas that would otherwise be hard to access, from defence and technology to niche, idiosyncratic businesses that don’t fit neatly into any single theme. Listed venture capital vehicles such as Molten Ventures give retail and institutional investors alike a rare public window onto fast-growing private companies, at a scale far beyond the 0.03% weighting such exposure would otherwise carry in a broad UK index.
None of this requires reinvention. It requires patience, active stock-picking, and a willingness to look past the crowd’s assumptions about what a “domestic” index really contains. The middle child of UK equities has never been the problem child some assume it to be; it has simply been quietly getting on with the job, waiting for someone to notice.
McKinley Sadler is an Account Manager at Quill PR.
The Citywealth Brand & Marketing Awards 2026 celebrate the individuals, teams and organisations shaping how the wealth management and professional services industries communicate, engage and build trust. The event was hosted by Rebecca Jones, BBC journalist. On hand to collect the trophy was Quill Account Director, Robbie Lawther.
The judges recognised that Quill PR has built one of the strongest reputations in financial services communications.
They noted: “Specialising exclusively in wealth and asset management, the agency helps clients raise their profile, strengthen their reputation, and communicate effectively with investors, advisers and the financial media. Combining specialist expertise with deep sector relationships, Quill continues to demonstrate the value of high-quality communications in an increasingly competitive market. For its contribution to the wealth and investment industry, Quill PR receives the Gold Award.”
We are delighted to announce that Quill PR has been named Marketing & PR Partner of the Year at the Investment Week Fund Manager of the Year Awards 2026, for the second consecutive year.
Retaining this prestigious title is a tremendous achievement and reflects the dedication, expertise and passion of our team, as well as the trust and support of our valued clients. The award recognises excellence in communications and marketing support for the asset and wealth management industry, celebrating firms that deliver measurable impact and outstanding client service.
Over the past year, we have continued to help clients build their profiles, navigate complex market developments, support major corporate activity and engage effectively with key stakeholders across the financial services sector. This recognition reinforces our commitment to delivering strategic, results-driven communications that make a difference.
We would like to thank our clients for their continued partnership and confidence in our team.
We are also grateful to Investment Week and the judging panel for this recognition, and we congratulate all the winners and shortlisted firms.
Two years in a row is a milestone we are incredibly proud of and we look forward to building on this success in the years ahead.
For UK investment firms, that silence is a missed opportunity to stand out from the crowd.
The ‘too risky to provide them’ thought process needs a rethink.
Geopolitics is a big part of investments – commenting during political turmoil will not damage a brand.
Investment firms spend considerable resources understanding geopolitical risk.
Analysts model scenario outcomes. Portfolio managers adjust exposures. Risk teams stress-test against tail events. This expertise is genuine and substantial. When firms don’t share any of it with the press, that knowledge stays entirely internal – useful to clients, invisible to everyone else.
The press will fill the gap regardless – investment firms are missing a golden opportunity to highlight their expertise and convictions.
The public conversation about what a geopolitical event means for markets, economies, or specific sectors gets shaped by whoever is willing to engage. Firms that stay silent concede that space by default.
There is also a straightforward matter of credibility.
An investment firm that offers clear, considered analysis during a crisis builds a reputation for intellectual genuineness. Over time, that matters – to potential clients, to competitors, and to talent who want to work somewhere that contributes meaningfully to the public discourse.
“We might get it wrong. It may damage our brand.”
This is the real issue, but it applies equally to every form of client communication. Firms already issue research notes, market outlooks, and economic forecasts to their clients and partners. The standard for press commentary isn’t certainty – it’s informed, qualified analysis.
Journalists understand that geopolitical situations are fluid. Firms can say “based on current information, the most likely market impact appears to be X, though this could change significantly if Y occurs”.
A lot of firms hide behind compliance. Compliance teams are right to flag risks, but the framing of geopolitical commentary is typically different from stock-specific recommendations.
A general view on something like “rising energy costs from a conflict might impact European equities broadly” is not the same as a specific buy or sell recommendation.
In my view, the most valuable commentaries from investment professionals tend to share certain characteristics.
The spokespeople that distinguish between short-term market reactions and longer-term structural shifts are the ones that are listened to and quoted by journalists.
One big important issue is time.
An untimely comment in a journalist’s inbox, however, is a cardinal sin for a PR. Companies need to be quick – there is no time to be dilly dallying around when planning to comment on a matter which is fast moving.
Lastly, firms also do not need to comment on everything. But they should speak when they have something substantive to add. More people may want to read it than you may think.
The UK investment industry manages a substantial share of public and private wealth. The decisions it makes, and the frameworks it uses to make them, have real consequences for millions of people. Participating thoughtfully in public discourse about the geopolitical forces that shape those decisions is not a distraction from the core business. It is part of what it means to be a serious institution in a complex world.
The reporters covering these stories are asking the right questions. Investment firms should be willing to answer them.
Robbie Lawther is an Account Director at Quill PR
But is this a good thing? The amount of consolidation and the array of acquirers have reshaped what “independent” means in financial planning. The question some ask is whether the FCA is doing enough to protect the very concept of independence that sits at the heart of consumer trust.
An Independent Financial Adviser must consider all retail investment products from the entire market. They’re supposed to be free from conflicts, unshackled from product provider incentives, working purely in the client’s interest. It’s a noble ideal.
But does it survive when small IFA practices are absorbed into large consolidator groups?
Advice consolidators are building scale. But some argue that sometimes this is at the cost of the client. Others ask whether firms that own advice companies be allowed to own an investment arm? Does this create a conflict of interest?
Now, the FCA would argue they’ve got this covered. Regulatory permissions remain. Supervision continues. Firms must still demonstrate independence in their investment selection processes. But a fair question is whether ‘box-ticking’ compliance is enough when the entire commercial infrastructure surrounding advice has fundamentally changed.
Consider what independence meant fifteen years ago: a small firm, perhaps two or three advisers, deeply embedded in their community, their reputation their most valuable asset.
Now compare that with a consolidator managing two hundred advisers across multiple brands. The incentive structures are different. The accountability is different. The relationship between adviser and client, mediated through corporate structures and centralised investment propositions, is fundamentally different.
The consolidators, naturally, push back. They argue they bring benefits: better technology, more robust compliance, access to institutional pricing, career progression for advisers. These aren’t trivial advantages. Small firms struggled with regulatory burden; many sold precisely because they couldn’t sustain the cost of compliance. Consolidation has, in some ways, professionalised the industry.
But professionalisation and independence aren’t synonymous. In fact, they may increasingly be in tension. As firms become larger and more sophisticated, they may develop preferred panel arrangements, centralised research functions, and house views on asset allocation. All perfectly legitimate. But each step moves further from the founding principle: one adviser, one client, whole of market.
What should the FCA do? At a minimum, greater transparency. If you’re seeing an adviser whose firm is owned by a consolidator, you should know it. The ownership structure, the commercial pressures, the extent to which investment selection is genuinely independent or guided by central direction – all of this should be front and centre in client communications.
More radically, perhaps it’s time to revisit what “independent” means in an era of consolidation. Should there be limits on the size of firms claiming independence? Should there be stricter separation between advice and centralised investment management?
The stakes are high. Independence isn’t just regulatory semantics – it’s the foundation of consumer trust in financial advice. If that trust erodes because independence becomes a convenient label rather than a lived reality, the damage could extend far beyond individual firms. The FCA has the tools. The question is whether they have the will.
Robbie Lawther is Account Director 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
This new category for 2025 at the esteemed Fund Manager of the Year Awards recognises excellence in communications and marketing within the asset and wealth management industry – and we’re honoured to be its first ever recipient, among a very strong field of peers.
The judges commented that Quill PR “impressed the judges by providing solid evidence of the impact of its work, including communications support for major M&A deals, and multiple client endorsements.”
To have our results-driven approach and strategic impact highlighted in this way is a very proud moment for our team.
Images courtesy of Investment Week
At Quill PR, we strive to be more than just a service provider. We aim to be true partners to our clients – working closely with them to shape narratives, navigate critical moments, and build lasting reputations in an increasingly complex communications environment.
We extend our sincere thanks to our clients for placing their trust in us, and for allowing us to play a role in their continued success. Their endorsements, and the strength of those partnerships, were instrumental in this recognition.
We’re also grateful to Investment Week and the awards judges for acknowledging our work in such a meaningful way. Congratulations to all of this year’s winners and nominees.
Journalists’ inboxes were heaving under the weight of comments on the Bank of England’s announcement that the interest rate was being cut 25 points to 5%.
And frankly the industry response is understandable given the long-awaited cut after years of high rates.
The cut will prove only a chink of light for those on variable mortgage interest rates but experts are seeing encouraging prospects for markets.
Emma Moriarty (pictured above), portfolio manager at CG Asset Management says: “While not completely unexpected, today’s rate cut by the Bank of England has buoyed the gilt markets, and has also improved wider equity market sentiment. Listed funds in some of the longer duration asset classes – such as property and infrastructure – have been clear beneficiaries of this.
“While the Monetary Policy Committee did not give guidance on the pace and quantum of rate cuts to come, markets are now pricing in an additional two cuts for 2024. This seems in line with the downward direction of travel in headline inflation to date. Looking ahead, the key question will be how many rate cuts the Bank can reasonably make from here.
“Despite falling headline inflation, wage growth and services inflation remain sticky and elevated, and the Bank has warned that headline inflation looks set to increase over the latter part of this year. In a similar vein, consumption and growth have been stronger than expected, and the new Labour government’s focus on state-directed growth may mean that inflation – and interest rates – need to stay higher for longer than markets currently expect.”
Stuart Widdowson, portfolio manager at Odyssean Investment Trust says the cut will support investors increasingly looking to small to medium sized UK companies as market sentiment turns in the sector.
“Until recently people were very reluctant to look at new investments. What we hear from brokers is that people are interested now: it’s not just M&A activity and the mood music of our peer group is generally more positive.
“We, and other fund managers, are seeing shareholders and potential shareholders over the last quarter more open to putting assets into the small to mid-cap sector now and that’s a significant change from Q4 last year.”
Widdowson says investors may also be looking for stocks with a global reach beyond the Magnificent Seven.
“We do think one of the key catalysts for people reassessing UK equities is basically the momentum trade of the big seven stopping. We’re seeing people being open to invest in the UK and small to mid-caps and the UK is seen as a relatively safe haven now compared with the rest of Europe.”
As Emma alludes, the Monetary Policy Committee was cautious in explaining it’s decision to avoid any hopes of this being a start to a continued fall in rates.
It said: “Monetary policy will need to continue to remain restrictive for sufficiently long until the risks to inflation returning sustainably to the 2% target in the medium term have dissipated further. The Committee continues to monitor closely the risks of inflation persistence and will decide the appropriate degree of monetary policy restrictiveness at each meeting.”
But, hey, let’s take the chink of light – and hope for more to come.
Stephanie Spicer is head of content at Quill PR
It was confirmed the following day, that the BBC story that Rishi Sunak’s government would be rolling back some of its net zero commitments, including the ban on sales of new petrol and diesel cars being pushed back from the proposed 2030 to 2035, and a delay in phasing out gas boilers, was correct.
The leak and subsequent government announcement of a slowing of the pace to targets, comes on top of what, while the title of this article may seem hyperbolic, is not far from the truth after the summer many have experienced this year. Here in the UK, we were met with the typical British gloomy summer of wind and rain, whilst our European and American counterparts have been met with drastic extremes.
It was recorded that July was the hottest average month on record, with many parts of southern Europe reaching unbearable temperatures of 50 degrees. Accompanying these temperatures were raging wildfires, devastating large areas of Italy, Greece, Croatia, Canada, and Hawaii. These events should be ringing the alarm bells louder than ever on the effect that climate change is having; with the destruction of agriculture, homes, and threatened health of locals, with deteriorating air quality and insufficient infrastructure.
While the effects of climate change are more urgent than ever, it seems that in 2023 ESG funds are now facing the effects of global markets, and ESG may not be at the top of every fund’s lists.
Reuters reported in August that ESG investments have been out of favour with UK investors, with a staggering £1 billion in funding having been pulled since May because of continued interest rate rises and persistent inflation, leading investors to seek more stable grounds for returns.
Figures from global funds network Calastone show that the amount investors sold of their ESG funds snowballed to a total of £1.96 billion by the end of August. This has also been reflected by consumers, with The Telegraph reporting that the ‘number of people making decisions with a ‘’planet first’’ mindset nearly halved from 24pc to 13pc between June 2022 and April this year’.
Once the front runners of global change with the momentum of the Paris Agreement in 2015 behind us, seemingly, under Rishi Sunak’s government, matters of ESG in the UK have taken a back seat. While we need to ensure our own energy supplies in light of the Russian war on Ukraine, the new North Sea oil licenses that Sunak has approved have faced huge backlash from both members of his own party and environmental groups, urging him to look at renewable energy sources – with Sunak claiming that it is “entirely consistent with our plan to get to net zero”.
While Sunak was widely criticised for his move, London Mayor Sadiq Khan hasn’t fared much better at the other end of the spectrum of ESG matters. The controversial ultra low emission zone (ULEZ), aiming to improve the air quality in London, with vehicles not meeting emissions standards being charged £12.50 a day, or a fine, has seen Khan suffer a drop in popularity given that the charges are hitting those who are unable to either pay the charge or afford to get a car that is compliant.
Sunak says the government is still committed to reaching net zero by 2050 but in a “more proportionate way”, however it is increasingly evident that the UK is struggling to find the right balance between the needs of its people and achieving its net zero targets.
Emma Taylor is account executive at Quill PR
Photo by Matt Palmer on Unsplash
There are four problems zipping around currently that could be marshalled into a very good solution: how to encourage the young to invest; how to encourage investors to invest in start-up, small companies and UK plc generally, how to encourage pension schemes to do the same, and how to encourage companies to list on the London Stock Exchange and base operations here.
Each issue carries its own hurdles.
Investing is not top of many young people’s lists – spare cash is not that readily available – and yet the attraction of cryptocurrency offers excitement it seems and the potential for fast or vast profits. If cryptocurrency is attractive, this suggests the young are prepared to take some risks with their investing – so let’s try to educate them about things which could be deemed ‘exciting’ but are more tangible, i.e., small company, start-up, tech, entrepreneurial businesses looking for funding.
Pension funds have a lot of money to invest but for various reasons are not investing in less liquid and more risky assets and very often also not in the UK. Calls are being made to change this mindset although it has to be borne in mind that broadly this pension money sits under two sets of policy: defined benefit schemes, which guarantee the pension member their pension and defined contribution schemes – which don’t. For the latter each individual can choose their level of risk. If that individual has forty or fifty years to invest over, why should they not consider the potential growth options which stem from scale-up businesses?
That’s always supposing UK businesses see a future in the UK. Lots don’t because they see the opportunity for better valuations elsewhere and lots of companies that would like to come and list in London and present opportunities for investors don’t, because of regulatory restrictions. Citing the problems British fintech company Revolut has had in getting a full banking licence in the UK, Professor Stefan Allesch-Taylor, entrepreneur and Professor of Practice at King’s College London recently wrote: ‘Why do we care about the toings and froings between a multi-billion-pound UK fintech company and our regulators? Simply because other companies considering London as a home will be watching the process, whatever the outcome.’
Pictured above, Nicholas Lyons The Lord Mayor of London, head of the City of London Corporation (until his term ends and he returns to his role as chairman of Phoenix Group) in its report Powerful Pensions Unlocking Defined Contribution capital for UK tech growth March 2023 has written: ‘If we want to keep firms here in the UK, we need to make sure they can get the investment here in the UK.’ And he proposes this is facilitated by a Future Growth Fund: ‘Such a fund would enable investment via private equity into fintech, life sciences, biotech, and green technology. By channelling this investment, we can create growth and in turn support jobs and prosperity across the whole UK economy,’ he writes. He proposes the investment comes from the defined contribution pension schemes.
All the hurdles to these issues have the same root – that of risk. Regulators, businesses, investors have to work together to calculate that risk and then make a calculated risk, to benefit all.
Stephanie Spicer is head of content at Quill PR.
Photo courtesy of City of London Corporation