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The Rise of Mutual FundsAn Insider's View$
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Matthew P. Fink

Print publication date: 2008

Print ISBN-13: 9780195336450

Published to Oxford Scholarship Online: January 2009

DOI: 10.1093/acprof:oso/9780195336450.001.0001

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Reentry of Securities Firms and Banks

Reentry of Securities Firms and Banks

Chapter:
(p.133) 7 Reentry of Securities Firms and Banks
Source:
The Rise of Mutual Funds
Author(s):

Matthew P. Fink

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780195336450.003.0008

Securities firms and banks were major participants in the investment company business in the 1920s, sponsoring about 70 percent of all managed investment companies. Following the 1929 crash, securities firms and banks exited the business, with banks' exit ratified in 1933 by the Glass-Steagall Act, which prohibited a firm from engaging in both banking and securities activities. Securities firms began sponsoring mutual funds in the 1970s. Banks sought legislation that would repeal Glass-Steagall barriers, but were blocked in Congress by the securities and mutual fund industries. Eventually banks gained entry into the fund business through a series of judicial decisions. Most recently a number of securities firms have exited the fund business, while banks continue to manage a substantial portion of fund assets.

Keywords:   1929 crash, Glass-Steagall Act, securities activities, fund assets

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