The Most Notable Figures
In 1940 few Americans had heard of
mutual funds. Today they are Americans’
favorite investment, having more than 90
million shareholders and over $12 trillion
in assets. Funds’ success is the result of
the work of specific individuals, some of
whom are described below.
Edward G. Leffler
The First Mutual Fund
Closed-end funds became popular during
the bull market of the 1920s. A closed-end
fund issues its shares to the public and uses
the proceeds to acquire a portfolio of securities. Thereafter the fund’s shares trade in
the market at prices that can be greater or
less than the value of the portfolio.
In 1924, Edward G. Leffler organized the
first mutual fund, Massachusetts Investors
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