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George Booth and Ian Fairbairn: The First Unit Trusts, 1931–1960

In: The Origins of Asset Management from 1700 to 1960

Author

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  • Nigel Edward Morecroft

Abstract

Unit trusts encouraged smaller savers and women to invest, despite the 1929 Crash, mainly into ordinary shares. Easy to understand, they contributed to a growing interest in equity investing, as indicated by the creation of the FT30 Index in 1935. The first unit trusts offered transparency in pricing, trusteeship and complete redeemability and were an antidote to the excesses of the 1929 Crash embodied by the Goldman Sachs Trading Corporation and other investment companies in the USA. Booth and Fairbairn of Municipal and General, a forerunner of the M&G Group, created and nurtured unit trusts through their extended 30-year, formative period in the UK and developed early ideas about ‘value’ investing. By contrast, mutual funds in the USA had a completely different, and much more rapid, pattern of development.

Suggested Citation

  • Nigel Edward Morecroft, 2017. "George Booth and Ian Fairbairn: The First Unit Trusts, 1931–1960," Palgrave Studies in the History of Finance, in: The Origins of Asset Management from 1700 to 1960, chapter 7, pages 221-268, Palgrave Macmillan.
    • Handle: RePEc:pal:psitcp:978-3-319-51850-3_7
    DOI: 10.1007/978-3-319-51850-3_7
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