Some 35 investment companies were in existence at the time of the Queen’s accession in 1952.
The data, compiled by the Association of Investment Companies, showed that these firms have assets under management of £55bn.
James de Sausmarez, head of investment trusts at Janus Henderson Investors, said success for investment trusts is about doing what it says on the tin consistently through all the ups and downs of global markets and global events.
“The AIC’s dividend heroes have increased the annual dividend through all major crises of the last 55 years – the three-day week, the 1974 crash, the winter of discontent, the 1987 crash, the Asian financial crisis, the dot-com boom and bust, the financial crisis and more recently Brexit, the global pandemic and the Russian invasion of Ukraine.
“This long-term consistency coupled with good capital growth is the reason the investment company industry is over 150 years old and will continue to look after the wealth of many private investors for many generations to come.”
Speaking about how investment trusts have changed, Hamish Buchan, AIC chair from 2005 to 2007, said the growth of alternatives has really changed the face of the investment trust sector.
“Without doubt this has greatly increased the size of the sector and its appeal.
“Alternatives offer a service to private investors and wealth managers, who can’t invest in those assets themselves, whether it’s infrastructure or renewable energy companies for example.”
Max Ward, manager and director of Independent Investment Trust and manager of Scottish Mortgage Investment Trust from 1989 to 2000, said the most important change in the industry has been the move to make the product more attractive.
“Included in this has been the big increase in the amount of information available to investors, simplification of the investment process (for example through savings schemes and platforms), use of buy-backs to increase liquidity and add value at the same time, and leadership in fee reduction.”
Investment companies launched at least 70 years ago
Launch date | Company | Sector | Share price total return 10yr to 20/05/22 (%) | Share price total return 20yr to 20/05/22 (%) | Share price total return 30yr to 20/05/22 (%) | Total assets (£mn) |
19 Mar 1868 | F&C Investment Trust | Global | 242.11 | 427.94 | 1.468.18 | 5,247.64 |
14 Nov 1868 | Investment Company | Flexible Investment | 90.26 | 131.34 | 1,601.09 | 16.69 |
01 Feb 1873 | Dunedin Income Growth | UK Equity Income | 118.96 | 221.43 | 749.90 | 470.26 |
31 Mar 1873 | Scottish American | Global Equity Income | 213.16 | 416.55 | 930.44 | 933.33 |
18 Jun 1881 | JPMorgan American | North America | 348.43 | 542.06 | 2,391.74 | 1,446.31 |
08 Dec 1884 | Mercantile | UK All Companies | 171.39 | 456.16 | 1,715.34 | 2,135.60 |
21 Apr 1887 | JPMorgan Global Growth & Income | Global Equity Income | 309.18 | 573.13 | 1,914.00 | 744.02 |
16 Dec 1887 | Henderson Smaller Companies | UK Smaller Companies | 279.02 | 670.44 | 813.49 | 863.67 |
13 April 1888 | Bankers | Global | 223.27 | 452.06 | 1,510.75 | 1,535.95 |
21 April 1888 | Alliance Trust | Global | 240.29 | 395.03 | 1,223.11 | 3,258.41 |
15 Feb 1889 | BMO Global Smaller Companies | Global Smaller Companies | 188.64 | 759.21 | 1,895.40 | 952.27 |
16 Feb 1889 | Merchants | UK Equity Income | 175.53 | 299.03 | 1,070.03 | 845.32 |
01 Mar 1889 | Edinburgh Investment | UK Equity Income | 97.50 | 261.27 | 687.32 | 1,259.44 |
01 Jul 1889 | AVI Global | Global | 194.05 | 568.97 | 2,534.25 | 1,126.14 |
12 Dec 1889 | Law Debenture Corporation | UK Equity Income | 203.70 | 537.67 | 2,015.79 | 1,159.56 |
01 Jan 1891 | City of London | UK Equity Income | 129.88 | 293.17 | 986.71 | 1,988.47 |
05 Jan 1898 | Aberdeen Diversified Income and Growth | Flexible Investment | 45.68 | 103.65 | 372.00 | 391.89 |
05 May 1905 | TR Property | Property Securities
| 286.08 | 944.04 | 4,045.26 | 1,599.96 |
02 May 1906 | BlackRock Smaller Companies | UK Smaller Companies
| 253.48 | 1,053.29 | 2,214.78 | 905.33 |
24 Jan 1907 | Baillie Gifford China Growth | China/ Greater China | 74.38 | 222.56 | 353.17 | 190.61 |
18 Dec 1907 | Murray International | Global Equity Income | 111.68 | 602.39 | 1,518.56 | 1,803.52 |
17 Feb 1909 | Witan | Global | 198.60 | 327.33 | 1,128.13 | 1,851.74 |
17 Mar 1909 | Scottish Mortgage | Global | 526.69 | 1,317.95 | 3,480.92 | 13,944.69 |
01 Jan 1912 | Hansa Investment Company (Ord) | Flexible Investment | 40.32 | 322.11 | 1,466.37 | 362.09 |
07 Jun 1923 | Murray Income | UK Equity Income | 113.75 | 268.22 | 949.06 | 1,153.85 |
sally.hickey@ft.com
