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F&C is an independent company for the first time in its history. The firm's origins go back to the launch of the Foreign & Colonial investment trust in 1868, which was set up to give ordinary investors access to overseas companies. The trust originally maintained its own investment management team, established as a separate legal entity in 1972. In 2004, this firm merged with Isis Asset Management, a company 67% owned by Friends Provident, and was rebranded as F&C Asset Management.