Mutual Fund is introduced in Boston.

Originally called a “Boston fund,” it is created by L. Sherman Adams, Ashton Carr, and Charles Learoyd when their Massachusetts Investors Trust is registered at the Boston Stock Exchange. The three men, founders of the Massachusetts Financial Services Company, are credited with launching the modern financial services industry. Similar funds had been created in Europe in 1774 and 1822, but this is the first public fund open to all investors in the U.S. It begins accepting investments in July 1924 and continues in operation today, run by the same company, which is now known as MFS Investment Management. The popularity of the mutual fund subsequently helps make Boston a center for the financial services industry.