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Hi there,
Does anyone know any good resources to find out about the history of the mutual fund industry? I'm trying to find out when open end mutual funds became popular, the rate of growth over the years, and when products began diversifying.
If anyone has any leads for me, I'd love to hear of them.
Thanks,
Guap
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Greetings,

Does anyone know any good resources to find out about the history of the mutual fund industry?

http://www.ici.org/index.html would be a starting point, IMHO. I'd also look up the "Investment Company Act of 1940" in some reference books as this was the legislation that created mutual funds in the US though there were some trusts like Wellington which is now the Vanguard Wellington fund that were created earlier. There may be something in John Bogle's "John Bogle on Investing: The First 50 Years" that may be useful.

HTH,
JB
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There may be something in John Bogle's "John Bogle on Investing: The First 50 Years" that may be useful.

Hi JB,

Personally, I am really looking forward to "John Bogle: The Early Days" which I understand is now in preparation. I hear that this one is going to be kind of like a prequel to his others, with lots of reminiscing and inside stories. The youthful Bogle apparently made quite a stir, flouting conventional financial theories, and trading investment tips with Alexander Hamilton and Adam Smith.

Apparently Bogle even started the first-ever mutual fund, but kept it secret since it allowed freed black slaves to purchase shares, and political pressures made it dangerous to discuss. The little-known fund is still going, now housed in some back room at Vanguard but never discussed publicly until now. Rumor has it that the fund has been run so efficiently that a $1,000 investment at its founding in 1795 has only accrued 85 cents in expenses in all the time since then.

A book like that would be a great stocking stuffer!

<bfg>
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Greetings Littlechap,

Nice post. <VBG>

Regards,
JB
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You might want to look at some of John Bogle's speeches at:
http://www.vanguard.com/bogle_site/bogle_speeches.html

One which looked to be of possible interest was The Mutual Fund Industry 60 Years Later: For Better or Worse?
http://www.vanguard.com/bogle_site/sp20050102.htm

I have some 1929 issues of Popular Science Monthly magazine which has some articles and advertisements for Investment Trusts. I suspect that these may be the predecessors of the modern mutual funds.

Bob
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According to the Mutual Fund firm MFS, they take credit for inventing the mutual fund as we know them today back in 1924. Massachusetts Investors Trust.

http://www.mfs.com/wps/portal/!ut/p/_s.7_0_A/7_0_2UE


A brief history of the mutual fund can be found at:

http://mutualfunds.about.com/cs/history/a/fund_history.htm

Bill
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Thanks to everyone for your advice and direction. I really appreciate it!

--Guap
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