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Edward G. Leffler
Edward G. Leffler was an American former salesman of aluminium pots and pans, who introduced in 1924 the mutual fund. He was selling securities for six years before starting the first mutual fund. He was of Swedish descent from Wisconsin. Mutual fund Leffler came up with the idea of creating mutual funds with daily redeemability and continuous issuing of shares at the current net asset value of the fund (NAV). On March 21, 1924, Leffer started the first mutual fund, Massachusetts Investors Trust. Initially, the fund was offering new shares continuously to investors without redemption – Investors were able to redeem their shares starting from September. Leffler also started another fund, Incorporated Investors on November 23, 1925 along with a group of Bostonians. References External links Jasonzweig,.com {{DEFAULTSORT:Leffler, Edward G. Financial services in the United States Investment in the United States Mutual funds of the United States American people of Swedish desce ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mutual Fund
A mutual fund is a professionally managed investment fund that pools money from many investors to purchase securities. The term is typically used in the United States, Canada, and India, while similar structures across the globe include the SICAV in Europe ('investment company with variable capital') and open-ended investment company (OEIC) in the UK. Mutual funds are often classified by their principal investments: money market funds, bond or fixed income funds, stock or equity funds, or hybrid funds. Funds may also be categorized as index funds, which are passively managed funds that track the performance of an index, such as a stock market index or bond market index, or actively managed funds, which seek to outperform stock market indices but generally charge higher fees. Primary structures of mutual funds are open-end funds, closed-end funds, unit investment trusts. Open-end funds are purchased from or sold to the issuer at the net asset value of each share as of the close ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |