With the centenary of World War One just days away, the Association of Investment Companies has put together a profile of the companies that have survived and prospered throughout that period despite global conflicts, depressions and recessions.

The organisation has 26 members which were established before 1914 and are still around today, representing £25.5billion between them.

This equals almost a quarter of the investment company industry's £114.5bn assets under management, which the AIM said illustrated both the long-term success and the durability of the closed-ended sector.
Ian Sayers, director general, AIC, said: "It is a testament to the sector that 26 investment companies have been around for over a hundred years, and some for a great deal longer.
"The industry has weathered world wars, depressions and other booms and busts, and still continues to deliver excellent value to shareholders.
"We all know investing is for the long-term: it doesn't get much longer-term than this."
The companies in existence one hundred years ago which have strong dividend records are: Alliance Trust (47 years), Bankers Investment Trust (47 years), City of London Investment (47 years), Foreign & Colonial Investment Trust (43 years), F&C Global Smaller Companies (43 years), Merchants Trust (32 years), Scottish American Investment Trust (34 years), Scottish Investment Trust (30) Scottish Mortgage Investment Trust (31 years), and Witan Investment Trust (39 years).
John Newlands, head of investment companies research at Brewin Dolphin and author of 'Put not your trust in money', a history of the sector, said: "Having studied a number of the long-lived trusts in historical detail, I have been struck by the way that they have proved robust enough to survive every crash and global conflict in history and then move forward again.
"A minority of others fell by the wayside, of course.

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"But I am convinced that by investing in a spread of quality companies, each one of which has been closely scrutinised prior to purchase, the enduring trusts have created portfolios that are as tough as ox hide.
"This is a message that is forgotten in the good times but is worth reminding investors when sentiment is at low ebb."
The Alliance Trust was launched in 1888. Katherine Garrett-Cox, chief executive of Alliance Trust, said: "Companies survive and grow because they understand the needs of their customers and their shareholders and can adapt to meet these needs as they change over time.
"We never forget that the assets we manage belong to our shareholders, some of whom are descended from our original investors in 1888, and it is in their interests that we work to create long-term value through the investment decisions we make."
Monday marks the 100th anniversary of the day Britain entered the conflict, which later became known as the First World War.