Investment Management in Boston
448 pages, 6 1/8 x 9 1/4
15 b&w photos
Release Date:13 Jan 2015
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Investment Management in Boston

A History

University of Massachusetts Press
Presented here for the first time is the history of Boston's evolution as a center of American money management from early settlement to the twenty-first century. Within a few decades after the Revolution, Bostonians built up an impressive mercantile and industrial economy, and used wealth accrued from the China trade, New England mills, and other ventures to establish the most important stock exchange in America. They also created the "Boston trustee," a unique professional who managed private fortunes over generations. During the late nineteenth century, Boston financial institutions were renowned as bastions of stability and conservatism in an era of recurrent economic panics and frequent failures.
It was not until the twentieth century that Boston became better known for its role in investment management. In 1924, local financiers created the first mutual fund, an innovation almost a century in the making. After World War II, Boston originated venture capital with the founding of American Research & Development. This was soon followed by the development of private equity, the growth of the mutual fund industry, the pension "revolution" that changed and strengthened money management, the evolution in management of institutional endowments, and the rise of new family offices and hedge funds. The contributions of fiduciaries and investment managers have played an important part in the rise of the "New Boston" and made the city one of the most vibrant financial capitals in the world.
Investment Management in Boston is published in association with Massachusetts Historical Society.
Investment Management in Boston is a fresh—and original—treatment of the multitude of activities by individuals and business firms in the Boston region over the last century. A highly valuable study.'—Edwin Perkins, author of Wall Street to Main Street: Charles Merrill and Middle-Class Investors
''Encyclopedic' best describes this remarkable account of investing over the course of Boston's long history. . . . Well written and engaging throughout, with endnotes full of additional details and resources. Highly recommended.'—Choice
'This book is not just a history of investment management in Boston; it is a history of investment management in the United States and beyond. Allen makes another contribution, though. As well as describing the history of the Boston investment management industry--the main object of the book--Allen also documents the switch from bonds to equities and the development of investment advice, investment statistics, mutual funds, and alternative assets, each triggered by changes in regulation, marketing, tax or market movements, thus tracing the history not just of investment firms but also of investment styles over time.'—Business History Review
David Grayson Allen is a principal of Allen Associates, a historical consulting firm in Concord, Massachusetts, and the author of numerous books, including, most recently, The Olmsted National Historic Site and the Growth of Historic Landscape Preservation.
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