Monks Investment Trust
Encyclopedia
Monks Investment Trust was incorporated in 1929 and was one of three trusts
founded in the late 1920s by a group of investors headed by Sir Auckland (later Lord) Geddes
. The other two trusts were The Friars Investment Trust and The Abbots Investment Trust. The company secretary's office was at 13/14 Austin Friars in the City of London hence the names. Sir Auckland Geddes was a former professor of anatomy who, during the First World War
, had become Director of Recruiting at the War Office. He then went on to become a Unionist MP and a Cabinet Minister as President of the Board of Trade.
Monks' first investments included large holdings of railway and energy companies in the UK
, USA
, Germany
, Australia
and South America, and also investments in Chinese
Government bonds and Hungarian
bonds. The geographic split in the first year was 29% UK, 18% Europe
, 13% The Commonwealth
, 10% USA, 12% Latin America, 6% Asia, 2% Africa and the remainder in other international markets. Half was invested in ordinary shares and half in fixed interest stocks and preference shares.
In 1931, Baillie Gifford & Co
took over the management of all three companies and Monks became a founder member of the Association of Investment Trusts in 1932, of which Carlyle Gifford
, the co-founder of Baillie Gifford & Co, was Deputy Chairman. Before the Second World War
there were two issues of debentures stocks in 1933 and 1935. By 1935 the UK portion had risen to 46% and investments in ordinary shares accounted for 59%. There were restrictions on foreign holdings during the Second World War, and by 1957 investment in the USA had increased to 31%.
In 1968, under a Scheme of Arrangement, the three trusts were merged with Monks acquiring the ordinary share capital of Friars and Abbots. Monks continues to invest on an international basis with a view to achieving capital growth.
Investment trust
An Investment trust is a form of collective investment found mostly in the United Kingdom. Investment trusts are closed-end funds and are constituted as public limited companies....
founded in the late 1920s by a group of investors headed by Sir Auckland (later Lord) Geddes
Auckland Geddes, 1st Baron Geddes
Auckland Campbell-Geddes, 1st Baron Geddes GCMG, KCB, PC was a British academic, soldier, politician and diplomat...
. The other two trusts were The Friars Investment Trust and The Abbots Investment Trust. The company secretary's office was at 13/14 Austin Friars in the City of London hence the names. Sir Auckland Geddes was a former professor of anatomy who, during the First World War
World War I
World War I , which was predominantly called the World War or the Great War from its occurrence until 1939, and the First World War or World War I thereafter, was a major war centred in Europe that began on 28 July 1914 and lasted until 11 November 1918...
, had become Director of Recruiting at the War Office. He then went on to become a Unionist MP and a Cabinet Minister as President of the Board of Trade.
Monks' first investments included large holdings of railway and energy companies in the UK
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
, USA
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
, Germany
Germany
Germany , officially the Federal Republic of Germany , is a federal parliamentary republic in Europe. The country consists of 16 states while the capital and largest city is Berlin. Germany covers an area of 357,021 km2 and has a largely temperate seasonal climate...
, Australia
Australia
Australia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area...
and South America, and also investments in Chinese
China
Chinese civilization may refer to:* China for more general discussion of the country.* Chinese culture* Greater China, the transnational community of ethnic Chinese.* History of China* Sinosphere, the area historically affected by Chinese culture...
Government bonds and Hungarian
Hungary
Hungary , officially the Republic of Hungary , is a landlocked country in Central Europe. It is situated in the Carpathian Basin and is bordered by Slovakia to the north, Ukraine and Romania to the east, Serbia and Croatia to the south, Slovenia to the southwest and Austria to the west. The...
bonds. The geographic split in the first year was 29% UK, 18% Europe
Europe
Europe is, by convention, one of the world's seven continents. Comprising the westernmost peninsula of Eurasia, Europe is generally 'divided' from Asia to its east by the watershed divides of the Ural and Caucasus Mountains, the Ural River, the Caspian and Black Seas, and the waterways connecting...
, 13% The Commonwealth
Commonwealth of Nations
The Commonwealth of Nations, normally referred to as the Commonwealth and formerly known as the British Commonwealth, is an intergovernmental organisation of fifty-four independent member states...
, 10% USA, 12% Latin America, 6% Asia, 2% Africa and the remainder in other international markets. Half was invested in ordinary shares and half in fixed interest stocks and preference shares.
In 1931, Baillie Gifford & Co
Baillie Gifford
Baillie Gifford is an investment management firm which is wholly owned by 36 partners, all of whom work full time for the firm. It was founded in Edinburgh in 1908 and still has its headquarters in the city...
took over the management of all three companies and Monks became a founder member of the Association of Investment Trusts in 1932, of which Carlyle Gifford
Carlyle Gifford
Thomas Johnstone Carlyle Gifford was one of the founders of Baillie Gifford, one of the United Kingdom's largest firms of investment managers.-Career:...
, the co-founder of Baillie Gifford & Co, was Deputy Chairman. Before the Second World War
World War II
World War II, or the Second World War , was a global conflict lasting from 1939 to 1945, involving most of the world's nations—including all of the great powers—eventually forming two opposing military alliances: the Allies and the Axis...
there were two issues of debentures stocks in 1933 and 1935. By 1935 the UK portion had risen to 46% and investments in ordinary shares accounted for 59%. There were restrictions on foreign holdings during the Second World War, and by 1957 investment in the USA had increased to 31%.
In 1968, under a Scheme of Arrangement, the three trusts were merged with Monks acquiring the ordinary share capital of Friars and Abbots. Monks continues to invest on an international basis with a view to achieving capital growth.