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The company was established in 1974 by Robert Van Kampen in Chicago. He developed a niche bond product when he pioneered insurance coverage for tax-exempt bond funds. After New York City's near-default in 1975, investors flocked to Van Kampen's insured unit investment trusts.
First Trust is an American financial services firm based in Wheaton, Illinois.The firm is primarily engaged in issuing exchange-traded fund (ETF) products. However, it is also involved with other products such as unit investment trusts (UIT), mutual funds, and separately managed accounts for institutional investors.
A UIT portfolio may contain one of several different types of securities. The two main types are stock (equity) trusts and bond (fixed-income) trusts.. Unlike a mutual fund, a UIT is created for a specific length of time and is a fixed portfolio: its securities will not be sold or new ones bought except in certain limited situations (for instance, when a company is filing for bankruptcy or the ...
Unit investment trusts are just one of those options. When it comes to financial products that offer diversification, investors have no shortage of choices. Unit investment trusts are just one of ...
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[2] [3] In 1974, he left the firm to found another firm, Van Kampen Merritt that was later acquired by Xerox in 1984. [4] From 1980 to 1992, Van Kampen was also a partner in VMS Realty. [1] In September 1991, Van Kampen founded another firm named Nike Securities in Chicago. It would be later renamed to First Trust. [3] [4]
On October 19, 2009, Invesco bought Morgan Stanley's Retail Unit, including Van Kampen Investments for $1.5 billion. [15] In April 2010, Invesco Aim became Invesco. Later that year, it was reported that Invesco had plans to introduce a Risk parity commodity fund according to regulatory filings. [16]
A unit trust is a form of collective investment constituted under a trust deed. A unit trust pools investors' money into a single fund, which is managed by a fund manager. Unit trusts offer access to a wide range of investments, and depending on the trust, it may invest in securities such as shares, bonds, gilts, [1] and also properties, mortgage and cash equivalents