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

Elaine Robyn Hutson

Research output: Contribution to journalArticleResearchpeer-review

18 Citations (Scopus)

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.
Original languageEnglish
Pages (from-to)439-454
Number of pages16
JournalInternational Review of Financial Analysis
Volume14
Issue number4
Publication statusPublished - 2005

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