The fund industry has lost one of its rare leaders. Dr. J. Elliot ("Jack") Corbett died March 18 at age 82.
A co-founder of the Pax World Fund along with United Methodist Minister Dr. Luther Tyson, Corbett introduced the first broadly diversified, publicly available mutual fund to use ethical as well as financial screens in its investment decisions.
By 2003, Pax World Fund (now called the Pax World Balanced Fund) had more than $1 billion in assets, and nearly 200 funds followed in Pax Worlds footsteps.
According to Pax World Chairman Larry Shadek, "Jack Corbett's contribution to Pax World, and to the world of ethical investing, was immeasurable."
Corbett served as vice president for social research and marketing with Pax World Fund from 1970 to 1996. As director of marketing, he was considered an ebullient and articulate spokesperson for the fund and its vision.
Coincident with the creation of Pax World Fund, Corbett founded Pax World Service, a nonprofit, philanthropic organization promoting peace, international reconciliation, and small-scale, sustainable development.