U.S. mutual funds, which now hold over $12 trillion in assets, are one of the most successful investment vehicles ever developed. Begun in the Roaring Twenties, they survived the Depression, tough regulatory regimes, and a less-than-favorable tax system and came into their own in the 1950s. Critics argue that the funds charge too much for their services and that over time they do not deliver better results than the stock market as a whole. Despite these complaints, mutual funds continue to be the preferred investment of American families, with almost half of all U.S. households committing some funds to their management. What accounts for this success? In a new book, The Rise of Mutual Funds: An Insider’s View (Oxford University Press, September 2008), Matthew P. Fink--a forty-year veteran of the industry--describes the growth of the industry, the major events in its history, and the people and policies that account for its success.
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