In 1970, Bruce R Bent II created the very first money market fund called the Reserve Fund. He wanted investors to get one dollar back for each dollar they invested. Bruce R Bent II was born the son of Bruce R Bent in Great Neck, New York where he grew up. Bent was a student at St. Aloysius School, and he graduated from Great Neck North High School. After high school, Bruce R Bent II took a job as a mail clerk while figuring out his next move. He enlisted in the Marines and served two years before continuing his college education. Bruce R Bent II earned his bachelor’s degree in economics from the St. John’s University in 1961. In 1991, Bruce R Bent received a second bachelor’s degree when he enrolled at Northeastern University as a philosophy major.
He immediately began his career at LF Rothchild Inc when he accepted a management partnership. In 1963, Bent took a position at TIAA-CREF pension fund where would work for several more years. It was at TIAA-CREF that Bent met Henry Bedinger Rust “Harry” Brown. In 1968, the two men would create Brown & Bent. The very next year, Bruce Bent had brainstormed the very first mutual money market fund that he would launch the following year. In the next three years, the New York times wrote an article about this grand new investment product. Soon Brown & Bent had $100 million in investments. Harry Brown continued with Brown & Bent until 1985.
Bruce Bent is married to a woman named Nancy in Nassau County where they raised their two sons. Today, Bent is running Double Rock Corporation with his two sons.
A mutual fund is a small term open-ended mutual fund. The mutual funds are just as safe an investment as the regular money accounts in the bank except that it yields more interest. People who have extra cash that they can store away for a few years are perfect candidates for mutual funds. Many people use these funds to one day pay for their children’s college expenses or even for retirement.