Timeline — Mid 1782 to 1978

1782

George Minot establishes the first trust office in Boston and manages the Benjamin Franklin fund for the City of Boston

Mid 1800s

Clipper ship owners and captains were the HNW individuals of the day, giving rise to the fiduciary role

1924

Massachusetts Investor’s Trust introduced the first mutual fund

1946

Boston's George Doriot founded American Research and Development Corporation (ARD), one of the nation's first venture capital firms

Early 1950s

Nearly 50% of US mutual fund assets were managed by Boston-based firms like Massachusetts Investors Trust, Investors Mutual, Keystone Funds, Tri-Continental, etc.

1930s, 1940s, and 1950s

Harvard’s Treasurers Paul Cabot and George Bennett are State Street Management senior partners who ran Harvard's endowment

Early 1960s

Harvard professor Otto Eckstein and PhD candidates build the Data Resources (DRI) econometric model though computing power of the time cannot process it

1967

Wellington Management Company merged with Boston’s Thorndike, Doran, Paine & Lewis, Manager of IVEST Fund

1969

Boston’s Dean LeBaron forms Batterymarch and pioneers computerized investment FinTech

1974

Jack Bogle leaves Wellington to start the Vanguard Group

1978

The passive investment movement gets traction from the Vanguard Group and AT&T’s Deferred Benefit Pension Fund

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