Bruce R. Bent
Bruce Roger Bent (born May 25, 1937) is an American businessman credited with inventing the world's first money market fund, the Reserve Fund, with Henry B. R. Brown in 1970. Bent and Brown created an organizational structure by which investors could pool cash to gain access to the market for short-term money obligations. Money market funds now manage more than US$3.0 trillion, serving tens of millions of investors.
Bruce R. Bent | |
|---|---|
| Born | Bruce Roger Bent May 25, 1937 |
| Nationality | American |
| Alma mater | St. John's University |
| Occupation(s) | Chairman, Double Rock Corporation |
| Years active | 1970–current |
| Known for | Co-creator Money market funds |
In the book One Up on Wall Street, published in 1989, Peter Lynch wrote that "there ought to be a monument to Bruce Bent and Henry B.R. Brown" in regards to their role in inventing the money market fund. The American Museum of Financial History, an affiliate of the Smithsonian Institution, also recognized the money market fund's importance and impact on the nation's financial history.