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History of Mutual Funds.
Member rating: No Rating | Words: | Submitted: Tue Mar 02 2004
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MUTUAL FUNDS History of Mutual Funds When three Boston securities executives pooled their money together in 1924 to create the first mutual fund, they had no idea how popular mutual funds would become The idea of pooling money together for investing purposes started in Europe in the mid-1800s. The first pooled fund in the U.S. was created in 1893 for the faculty and staff of Harvard University. On March 21st, 1924 the first official mutual fund was born. It was called the Massachusetts Investors Trust. After one year, the Massachusetts Investors Trust grew from $50,000 in assets in 1924 to $392,000 in assets. In contrast, there are over 10,000 mutual funds in the U.S. today totaling around $7 trillion according to the Investment Company Institute. Mutual Funds are very popular today, known for ease-of-use, liquidity, and unique diversification capabilities. MUTUAL FUND, form of management investment company that combines the money of it's shareholders and invests...
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