They enabled millions to invest in the stock market but newer, nimbler products are reshaping asset management
One hundred years ago on Thursday, Edward Leffler, a former door-to-door salesman of pots and pans, revolutionised financial markets. His invention, the open-ended mutual fund, allowed retail customers to buy into a diversified portfolio of stocks and be confident that they would get a fair value when they wanted their money back. Leffler’s innovation gave lower and middle class people an ownership stake in American capitalism.
And due to a quirk of the US code, ETFs avoid the annual capital gain tax charges that buy-and-hold mutual fund investors incur when they invest outside a retirement plan. That put ETFs in pole position as the rapid rise of passive investing saw investors abandon active managers and pour money into low-fee products that track specific indices. Tracker funds now account for more than half of all US pooled investments.
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