The early managed fund industry: investment trusts in 19th century Britain

Elaine Hutson

Centre for Financial Markets Working Papers from Research Repository, University College Dublin

Abstract: The early years of the 21st century have been a difficult and challenging time for the managed funds industry. The neglected history of managed funds reveals prior episodes of sustained growth, questionable practices, upheaval and inevitably, regulation. The first fully diversified managed fund appeared in Britain in 1868, and the industry remained largely a British preserve until the rise of the investment company and the mutual fund in the United States during the 1920s. This paper documents the features of the early trusts, discusses the rise of the industry and the challenges it survived in the early years, and draws parallels with facets of the finance industry of today.

Keywords: Mutual fund; Investment trust; Investment company; Financial history; Trusts and trustees--History; Investments--History; Financial institutions--History (search for similar items in EconPapers)
JEL-codes: G23 N23 (search for similar items in EconPapers)
Date: 2003-09
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http://hdl.handle.net/10197/1143 First version, 2003 (application/pdf)

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Persistent link: https://EconPapers.repec.org/RePEc:rru:cfmwps:10197/1143

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