US Marine Corps Lt Col
WWII Veteran
Marine Fighting Squadron 222, MAG-24, 1st Maw, FMF
The St. Louis Post-Dispatch (MO) - Sunday, December 14, 1997
John Fitting Jr., a executive at Dreyfus Corp. and pioneer in the creation of no-load mutual funds in the early 1970s, died Dec. 10, 1997, at his retirement home on Marco Island, Fla. He was 81.
The cause of death was prostate cancer, said his wife, Judith Kingsley Fitting.
In 1973, Fitting became the first head of Dreyfus Asset Management Inc., the company's first mutual fund. It was known as a no-load fund because no sales commission, or load, was charged up front. The fund was sold directly to customers instead of through brokers.
The new mutual fund Fitting led required a minimum investment of $50,000 and charged a minimum management fee of $1,000 a year, high by today's standards. At the time, Fitting said he expected his fund to produce an average 9 percent annual return, compounded over five years.
Following his retirement from Dreyfus in the early 1980s, Fitting worked as a consultant to American Can Co. in its transition to Primerica Corp., the financial services company. In 1986, he joined National Securities & Research Corp., a mutual fund management company, as chairman and chief executive. He retired from that position in 1988.
∼Purple Heart
WWII Veteran
Marine Fighting Squadron 222, MAG-24, 1st Maw, FMF
The St. Louis Post-Dispatch (MO) - Sunday, December 14, 1997
John Fitting Jr., a executive at Dreyfus Corp. and pioneer in the creation of no-load mutual funds in the early 1970s, died Dec. 10, 1997, at his retirement home on Marco Island, Fla. He was 81.
The cause of death was prostate cancer, said his wife, Judith Kingsley Fitting.
In 1973, Fitting became the first head of Dreyfus Asset Management Inc., the company's first mutual fund. It was known as a no-load fund because no sales commission, or load, was charged up front. The fund was sold directly to customers instead of through brokers.
The new mutual fund Fitting led required a minimum investment of $50,000 and charged a minimum management fee of $1,000 a year, high by today's standards. At the time, Fitting said he expected his fund to produce an average 9 percent annual return, compounded over five years.
Following his retirement from Dreyfus in the early 1980s, Fitting worked as a consultant to American Can Co. in its transition to Primerica Corp., the financial services company. In 1986, he joined National Securities & Research Corp., a mutual fund management company, as chairman and chief executive. He retired from that position in 1988.
∼Purple Heart
US Marine Corps Lt Col
WWII Veteran
Marine Fighting Squadron 222, MAG-24, 1st Maw, FMF
The St. Louis Post-Dispatch (MO) - Sunday, December 14, 1997
John Fitting Jr., a executive at Dreyfus Corp. and pioneer in the creation of no-load mutual funds in the early 1970s, died Dec. 10, 1997, at his retirement home on Marco Island, Fla. He was 81.
The cause of death was prostate cancer, said his wife, Judith Kingsley Fitting.
In 1973, Fitting became the first head of Dreyfus Asset Management Inc., the company's first mutual fund. It was known as a no-load fund because no sales commission, or load, was charged up front. The fund was sold directly to customers instead of through brokers.
The new mutual fund Fitting led required a minimum investment of $50,000 and charged a minimum management fee of $1,000 a year, high by today's standards. At the time, Fitting said he expected his fund to produce an average 9 percent annual return, compounded over five years.
Following his retirement from Dreyfus in the early 1980s, Fitting worked as a consultant to American Can Co. in its transition to Primerica Corp., the financial services company. In 1986, he joined National Securities & Research Corp., a mutual fund management company, as chairman and chief executive. He retired from that position in 1988.
∼Purple Heart
WWII Veteran
Marine Fighting Squadron 222, MAG-24, 1st Maw, FMF
The St. Louis Post-Dispatch (MO) - Sunday, December 14, 1997
John Fitting Jr., a executive at Dreyfus Corp. and pioneer in the creation of no-load mutual funds in the early 1970s, died Dec. 10, 1997, at his retirement home on Marco Island, Fla. He was 81.
The cause of death was prostate cancer, said his wife, Judith Kingsley Fitting.
In 1973, Fitting became the first head of Dreyfus Asset Management Inc., the company's first mutual fund. It was known as a no-load fund because no sales commission, or load, was charged up front. The fund was sold directly to customers instead of through brokers.
The new mutual fund Fitting led required a minimum investment of $50,000 and charged a minimum management fee of $1,000 a year, high by today's standards. At the time, Fitting said he expected his fund to produce an average 9 percent annual return, compounded over five years.
Following his retirement from Dreyfus in the early 1980s, Fitting worked as a consultant to American Can Co. in its transition to Primerica Corp., the financial services company. In 1986, he joined National Securities & Research Corp., a mutual fund management company, as chairman and chief executive. He retired from that position in 1988.
∼Purple Heart
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