The Wealth Management Association (WMA), has welcomed the news that security firm Sophos has launched the UK"s largest ever tech float this year – a record breaking £1billion.

The global provider of cloud-enabled and network security solutions raised total gross proceeds of £352 million, including $125 million gross primary proceeds, according to the London Stock Exchange – making it London's largest ever software IPO and one of the largest tech IPOs ever in the UK.

The Wealth Management Association (WMA – http://www.thewma.co.uk/), the trade body that represents 186 wealth management firms and associate members who manage in excess of £670billion of wealth, said the IPO record is encouraging but says more should be done to ensure retail investors are involved.

WMA CEO Liz Field comments:

"The record-breaking IPO is encouraging, as companies in the technology sector have usually looked overseas for investment.

Money GBP 1 (PD)"However, it is a shame that retail investors did not get the opportunity to take part in this IPO. Share offerings can be processed efficiently and at relatively short notice by investment firms on behalf of retail investors. It will not only benefit the economy as a whole, in terms of wealth creation, but the companies that receive investment from retail investors. Individual shareholders are typically investors, not speculators – they look to the long term and many take an active interest in the performance of the companies they own.

"Not all IPO opportunities will be appropriate for private investors and each company should be looked at on its own individual merits; however, we believe it is inherently important that a retail tranche is considered. A shift like this could bring even greater variety and opportunity for people to both increase their own wealth and help ambitious companies achieve growth that will benefit our economy."

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