Investment trusts have come a long way since F&C Investment Trust (FCIT), the first closed-ended fund, launched in 1868. Over a history of more than 150 years they have navigated plenty of challenges, including two world wars, several recessions and the split capital controversy. These types of funds are popular with a number of investors and the total value of investment trust shares listed in the UK amounted to nearly £171bn at the end of August, according to trade body the Association of Investment Companies (AIC).
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