Mutual funds are facing their greatest challenges in their existence. Can they remain the dominant investment of choice?

When Walter L. Morgan died in 1998, he had just celebrated his 100th birthday. However, he had left a corporate legacy far greater than just his extreme longevity: In the 1920s, Morgan raised $100,000 to launch an early mutual fund, the Industrial and Power Securities Co. - later renamed the Wellington Fund, in honor of a military hero of his.

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