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By 1983, the company now known as Van Kampen Merritt, Inc. had sold nearly $7 billion of trusts and was the nation's third-largest firm in that arena. [4] In 1984, Van Kampen sold the firm to Xerox Corporation for about $200 million. However, after eight years, in 1992 Xerox decided to shed all its financial-services units starting with Van Kampen.
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.
Van Kampen's business career took him into the investment banking world, and he became one of the wealthiest men in the United States after founding the investment banking firm Van Kampen Merritt (later renamed to Van Kampen Investments) in 1974. In 1991, he founded another firm named Nike Securities which was later renamed to First Trust.
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 ...
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
SPY is structured as an unit investment trust (UIT), an investment company that does not have a portfolio manager or board of directors. [11] The trustee of the trust is State Street Global Advisors Trust Company and the sponsor is PDR Services LLC, a subsidiary of Intercontinental Exchange .