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Philip Rose and the First Investment Company, 1868–1883

In: The Origins of Asset Management from 1700 to 1960

Author

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  • Nigel Edward Morecroft

Abstract

The Foreign and Colonial Government Trust, an investment company (investment trust or closed-end fund), was instrumental in shaping today’s asset management profession. Overend Gurney, a bank, failed in 1866 so Foreign & Colonial as a pure investment institution with a long-term horizon offered savers an investment channel that was quite different from the deposit channel. Its pooled fund structure made investment available to a wide spectrum of society so middle-class and lower-middle-class individuals, not just the very wealthy, could access it – it made investing available to the burgeoning middle classes in Victorian Britain. With an unusual embedded lottery feature it retained an element of gambling. It invested globally in high-yield, emerging market junk bonds so was risk-seeking within a diversified portfolio.

Suggested Citation

  • Nigel Edward Morecroft, 2017. "Philip Rose and the First Investment Company, 1868–1883," Palgrave Studies in the History of Finance, in: The Origins of Asset Management from 1700 to 1960, chapter 3, pages 55-101, Palgrave Macmillan.
    • Handle: RePEc:pal:psitcp:978-3-319-51850-3_3
    DOI: 10.1007/978-3-319-51850-3_3
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