Money Managers and Mutual Funds

Money managers have served pharaohs, kings, emperors, popes, and merchant traders - and now are available to average investors. One of the most significant modern developments in money management was the creation of the "Prudent Man Rule" in 1830, setting a standard that managers must "conduct themselves honestly and discreetly and carefully." A major distinction between types of money managers is between the 'pass-through intermediary,' who bears no risk on the client's behalf,…