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Article: Small investors spur record year for mutual funds Booming industry is transformed as savings are shifted from banks
- Article from:
- The Boston Globe (Boston, MA)
- Article date:
- January 3, 1994
- Author:
CopyrightCopyright 1994 The Boston Globe. Provided by ProQuest LLC. (Hide copyright information)
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In the mutual fund industry, 1993 will be remembered as The Year
of the Little Guy.
As a record amount of new money poured into mutual funds last
year, the small investor emerged as the primary force behind the
industry's astounding growth, fund specialists say. Baby boomers put
more of their weekly pay into retirement plans; parents bought mutual
fund shares to save for college tuition; and lots of people cashed in
their low-interest certificates of deposit and put that cash into
funds in hopes of doing better than they had in the bank.
And these investors are here to stay.
"This is not a fly-by-night situation," says Neal Litvack,
executive vice president of Boston-based Fidelity ...