Britain is the birthplace of modern investment funds. /kloc-In the middle of the 0/9th century, Britain accumulated a lot of wealth by developing industry and expanding abroad, which made the domestic interest rate drop continuously and the capital sought a way to increase its value. On the other hand, European and American countries are in urgent need of a large amount of funds in the process of industrialization, so they have come to Britain to issue various securities to raise funds. Therefore, investment trust came into being. 1868, the world's first investment trust "Trust for Foreign and Colonial Governments" was born in Britain. When the fund was established, it raised 6,543,800 pounds, and its operation mode was similar to that of modern closed-end contract funds. The relationship between the two parties is bound by the contract, and the agent is entrusted to use and manage the fund assets, and a fixed interest rate system is implemented. Subsequently, the first professional fund management institution, Scottish American Trust, was established in 1873, and the British Limited Company Act was promulgated in 1879. Since then, investment funds have entered the era of professional management of joint-stock companies from contractual type. The first fund with the embryonic form of modern open-end fund appeared in 193 1. 1943, Britain established the "Overseas Government trust deed" organization, which not only stipulated that fund companies should redeem fund units according to their net assets, but also defined a flexible portfolio in the trust deed, marking the beginning of modern British securities investment funds.