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A Brief History of Investment Companies

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Closed-End Funds, Exchange-Traded Funds, and Hedge Funds

Part of the book series: Innovations in Financial Markets and Institutions ((IFMI,volume 18))

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Abstract

This chapter provides an overview of the historical evolution of investment companies which date to Europe in the late 1700s. Investment trusts became popular as an investment vehicle in Great Britain during the late 1800s. Subsequently, closed-end funds blossomed in the United States during the 1920s, at which time the first open-end fund appeared. The first hedge fund and exchange-traded fund (ETF) were formed in the late 1940s and 1993, respectively.

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Notes

  1. 1.

    Rouwenhorst cited in Investment Company Fact Book (2008). Appendix A: How mutual funds and investment companies operate. ICI Investment Company Institute. (Retrieved on 4 August 2008) http://www.icifactbook.org/fb_appa.html.

  2. 2.

    Much of the following historical material is adapted from Anderson and Born (1992), pp. 7–14, who draw from Fowler (1928), pp. 165–168, 243–245, Krooss and Blyn (1971) pp. 149–212, Steiner (1929) pp. 17–38, and Wiesenberger (1949) p. 14.

  3. 3.

    Under the Securities Act of 1933, companies were required to report to the Federal Trade Commission. Under the Securities Exchange Act of 1934, companies were required to file with the Securities and Exchange Commission.

  4. 4.

    Data for CEFs, ETFs, and hedge funds are taken from Investment Company Fact Book (2008).

Author information

Authors and Affiliations

  1. College of Business and Information Science, Tuskegee University, 36088, Tuskegee, AL, USA

    Seth C. Anderson

  2. College of Business Administration, Northeastern University, 413 Hayden Hall, 02115, Boston, MA, USA

    Jeffery A. Born

  3. University of North Florida, 4567 St. Johns Bluff Road, 32224, Jacksonville FL, FL, USA

    Oliver Schnusenberg

Authors
  1. Seth C. Anderson
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  2. Jeffery A. Born
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  3. Oliver Schnusenberg
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Correspondence to Seth C. Anderson .

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Anderson, S.C., Born, J.A., Schnusenberg, O. (2010). A Brief History of Investment Companies. In: Closed-End Funds, Exchange-Traded Funds, and Hedge Funds. Innovations in Financial Markets and Institutions, vol 18. Springer, Boston, MA. https://doi.org/10.1007/978-1-4419-0168-2_3

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