Attorneys have provided legal advice to fund managers ever since the first mutual fund was founded in Holland in 1774. The first U.S. mutual fund, the Massachusetts Investors Trust, was founded in 1924. By 1951, there were more than 100 mutual funds. By 1978, there were 505 funds. The mutual fund industry really took off in the 1990s. “Strong economic and corporate profit growth, low inflation, technological innovation, exceptional stock returns, and relatively low interest rates all favored financial investments, a substantial share of which households and businesses chose to make through mutual funds,” according to the Investment Company Institute. By 1999, there were 7,791 funds managing more than $6.8 trillion in assets. The Investment Company Institute reports that, in 2023, mutual fund companies managed $25.5 trillion in assets (including those of exchange-traded funds, closed-end funds, and unit investment trusts) for more than 120.8 million U.S. investors. As the number of mutual funds has grown, the demand for lawyers with specialized knowledge of mutual fund structure and investment strategies and compliance, intellectual property, and other issues has also increased. Fund structures and investment strategies have grown more complex in recent years, prompting strong demand for mutual fund lawyers.
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