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The Handbook of Professionally Managed Assets: A Definitive Guide to Profiting from Pooled Investments by Keith R. Fevurly

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Foreword

Professionally managed assets have been around almost as long as organized financial markets. We will probably never know the name of the very first professional fund manager, but one of the first funds that resembles modern-day managed funds was Eendragt Maakt Magt, managed by Adriaan van Ketwich. It was essentially a closed-end bond fund that was founded in Holland in 1774.1 Since that time, of course, the number and types of professionally managed investment funds have grown tremendously. Today in the United States there are over 7,000 mutual funds, over 600 exchange-traded funds, about 6,000 unit investments trusts, and about 10,000 hedge funds. Those numbers only hint at the complexity of the managed-funds industry when considering ...

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