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Split capital investment trusts (splits) became fashionable in the late 1990s but the splits boom led to some spectacular collapses as the bear market unfolded. Despite warnings from certain analysts, academics and journalists, over 20 splits have gone bust leaving many private investors seeking redress. A major FSA investigation is now underway. This book, with contributions from specialists intimately involved with the crisis, provides an in-depth and authoritative review of splits, discussing their history, what went wrong, and lessons for the future. A range of views is expressed by the contributors. The book is divided into five parts: The Crisis -- past financial crises, evolution of the split trust sector, the crisis unfolds The Split Capital Trust Market -- the structures, the risks, valuing the shares Response to the Crisis -- the media, regulatory and political response Management Issues -- corporate governance, some ethical considerations, reputational risk Looking Forward -- product innovation and marketing, some implications for the fund management industry, lessons for the future