City of London Investment Trust
City of London Investment Trust is a UK-focused investment trust providing listed-equity exposure, primarily through investments in companies quoted on the London Stock Exchange.
Last updated August 26, 2026
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Overview
City of London Investment Trust is a British investment trust with roots in the nineteenth-century brewing industry and a present-day mandate centered on UK equities. The company was formed in 1860 as the City of London Brewery Company Limited to acquire Calverts, a family-owned brewery operating on Upper Thames Street in the City of London. Its original business therefore differed substantially from its current identity: it began as an operating brewery company and only gradually evolved into an investment vehicle. The transition toward investment-trust activities took place during the twentieth century. In 1932, after portions of the brewing operation had been sold, the company changed its name to The City of London Brewery and Investment Trust Limited and invested sale proceeds in securities. This marked a strategic move toward the investment-trust model, although the remaining brewery interests continued for several decades. In 1968, the balance of the brewery business was sold, allowing the company to concentrate exclusively on investments in securities. The trust subsequently developed through changes in its investment-management arrangements and corporate name. Touche Remnant became investment manager in 1970. Following Henderson's acquisition of Touche Remnant in 1992, management of the trust came under the Henderson group. The company adopted the name TR City of London Trust PLC in 1982 and changed its name again in October 1997 to The City of London Investment Trust plc, the name associated with its modern investment-trust identity. The trust's investment focus is predominantly UK listed equities. Its portfolio is intended to provide investors with diversified exposure to the British stock market through a professionally managed closed-end fund structure, rather than through a range of consumer products or separately branded financial services. The trust is managed by Janus Henderson, while Job Curtis has served as investment manager since 1991. Sir Laurie Magnus is identified as chairman in the referenced material. City of London Investment Trust is a listed company and a constituent of the FTSE 250 Index. Its shares are also listed on the New Zealand Exchange, giving the vehicle a presence beyond its primary UK listing. As an investment trust, its brand proposition is linked to long-term portfolio management, access to UK companies, the governance framework of a public company, and the continuity of an established investment vehicle. Specific assets under management, dividend figures, performance data, and current portfolio holdings are not included here because the supplied reference material does not provide verifiable time-specific figures.
History
City of London Investment Trust traces its origins to 1860, when it was incorporated as City of London Brewery Company Limited to acquire Calverts, a family brewing business located on Upper Thames Street in the City of London. Its first commercial identity was therefore that of a brewery operator rather than an investment company. The company's transformation began in the interwar period. In 1932, portions of the brewery enterprise had been sold and the company changed its name to The City of London Brewery and Investment Trust Limited. The proceeds from disposals were invested in securities in accordance with investment-trust principles. This created a hybrid structure in which the historic operating business and a growing investment portfolio existed together. The remaining brewery interests were ultimately sold in 1968. From that point, the company focused solely on investments in securities, completing its move away from brewing and toward the closed-end investment-company model. The change also established the basis for its later reputation as a vehicle for exposure to UK listed companies. Investment management arrangements changed during the following decades. Touche Remnant was appointed investment manager in 1970. The company adopted the name TR City of London Trust PLC in 1982. In 1992, Henderson acquired Touche Remnant, and management of the trust moved into the Henderson group. The corporate name changed again in October 1997 to The City of London Investment Trust plc. In its modern form, the trust is dedicated principally to UK equities and is managed by Janus Henderson. Job Curtis has been the investment manager since 1991, providing a long period of continuity across the transition from the Henderson organization to the Janus Henderson group. Sir Laurie Magnus is identified as chairman. The trust is a constituent of the FTSE 250 Index and is also listed on the New Zealand Exchange. The company's history is consequently defined by a sequence of strategic conversions: incorporation as a brewery acquisition vehicle, partial reinvestment of disposal proceeds in securities, complete exit from brewing, and consolidation as a professionally managed listed investment trust. The available reference material does not establish detailed portfolio allocations, dividend records, assets under management, or recent performance figures, so those items are not stated as facts here.
- 1997
Adopts current investment-trust name
[1]The company changed its name to The City of London Investment Trust plc.
- 1992
Henderson assumes management
[1]Henderson acquired Touche Remnant and consequently became responsible for managing the trust.
- 1991
Job Curtis begins investment-management tenure
[1]Job Curtis became the trust's investment manager, a role he continued to hold according to the supplied reference.
- 1982
Renamed TR City of London Trust PLC
[1]The company changed its name to TR City of London Trust PLC.
- 1970
Touche Remnant appointed investment manager
[1]Touche Remnant took responsibility for investment management.
- 1968
Exit from brewing
[1]The remaining brewery operation was sold and the company became exclusively focused on securities investments.
- 1932
Investment-trust activities introduced
[1]Following sales of parts of the brewery business, the company adopted a name reflecting investment-trust activities and invested proceeds in securities.
- 1860
Formation as City of London Brewery Company
[1]The company was formed to acquire Calverts, a family brewery in the City of London.
Products and positioning
A long-established, UK-focused listed investment trust offering diversified exposure to British equities through Janus Henderson's professional investment management.
UK equity investment trust · 1860
City of London Investment Trust
The trust is a listed closed-end investment vehicle focused on investments in UK equities. It gives shareholders access to a diversified portfolio of British listed companies under professional management rather than offering a range of retail financial products. The trust is managed by Janus Henderson and is listed in the United Kingdom, with an additional listing on the New Zealand Exchange.
Brand decisions
1992
Change in investment-management groupM&ABackground
Touche Remnant had been the trust's investment manager since 1970.
Action taken
After Henderson acquired Touche Remnant, management of the trust moved to Henderson.
Aftermath
The trust continued under the Henderson management organization, which later became part of the Janus Henderson group.
1968
Complete withdrawal from brewingStrategyBackground
The company retained part of its historic brewery business after beginning to invest in securities.
Action taken
It sold the remaining brewery operation and concentrated exclusively on securities investments.
Aftermath
The company became an investment-only vehicle, establishing the foundation of its current business model.
1932
Reinvestment of brewery-sale proceeds in securitiesStrategyBackground
The company had sold parts of its brewery business and was beginning to develop an investment-trust orientation.
Action taken
It changed its name to reflect both brewing and investment activities and invested disposal proceeds in securities.
Aftermath
This began the company's long transition from an operating brewery into an investment-focused company.
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