Bruce R. Bent
Encyclopedia
Bruce R. Bent invented the world's first money fund
, The Reserve Fund, with Henry B. R. Brown
in 1970. This financial product was recognized by the American Museum of Financial History, an affiliate of the Smithsonian Institution
, for its importance and impact on the nation's financial history. Whilst wholesale 'money was bought and sold' before the Reserve Fund, Bruce Bent introduced a formal discipline and developed 'rules' for this 'game'. The result is an entire industry now worth more than US$3.0 trillion, serving tens of millions of investors. Mr. Bent graduated with a bachelor's degree in economics from St. John's University in New York.
The original Reserve Fund was designed for zero market risk
. The idea was to give investors immediate liquidity and safety for their money above all else. The money market fund was created to provide effective cash management, a dollar back for every dollar invested and beyond that a reasonable rate of return.
In 2001, Bent was the Republican
candidate for Nassau County
Executive
. Before he was chosen as the Republican candidate, he received the endorsement of the Conservative Party and ran with little assistance from the county's Republican Party. Promising to improve the county's financial situation and work for a salary of $1 a year, he lost to Democratic candidate Tom Suozzi.
Money fund
A money market fund is an open-ended mutual fund that invests in short-term debt securities such as US Treasury bills and commercial paper. Money market funds are widely regarded as being as safe as bank deposits yet providing a higher yield...
, The Reserve Fund, with Henry B. R. Brown
Henry B. R. Brown
Henry Bedinger Rust "Harry" Brown was an American financial consultant known for inventing the world's first money market fund, The Reserve Fund, with Bruce R. Bent in 1970.-Early career:...
in 1970. This financial product was recognized by the American Museum of Financial History, an affiliate of the Smithsonian Institution
Smithsonian Institution
The Smithsonian Institution is an educational and research institute and associated museum complex, administered and funded by the government of the United States and by funds from its endowment, contributions, and profits from its retail operations, concessions, licensing activities, and magazines...
, for its importance and impact on the nation's financial history. Whilst wholesale 'money was bought and sold' before the Reserve Fund, Bruce Bent introduced a formal discipline and developed 'rules' for this 'game'. The result is an entire industry now worth more than US$3.0 trillion, serving tens of millions of investors. Mr. Bent graduated with a bachelor's degree in economics from St. John's University in New York.
The original Reserve Fund was designed for zero market risk
Equity risk
Equity risk is the risk that one's investments will depreciate because of stock market dynamics causing one to lose money.The measure of risk used in the equity markets is typically the standard deviation of a security's price over a number of periods...
. The idea was to give investors immediate liquidity and safety for their money above all else. The money market fund was created to provide effective cash management, a dollar back for every dollar invested and beyond that a reasonable rate of return.
In 2001, Bent was the Republican
Republican Party (United States)
The Republican Party is one of the two major contemporary political parties in the United States, along with the Democratic Party. Founded by anti-slavery expansion activists in 1854, it is often called the GOP . The party's platform generally reflects American conservatism in the U.S...
candidate for Nassau County
Nassau County, New York
Nassau County is a suburban county on Long Island, east of New York City in the U.S. state of New York, within the New York Metropolitan Area. As of the 2010 census, the population was 1,339,532...
Executive
County executive
A county executive is the head of the executive branch of government in a county. This position is common in the United States.The executive may be an elected or an appointed position...
. Before he was chosen as the Republican candidate, he received the endorsement of the Conservative Party and ran with little assistance from the county's Republican Party. Promising to improve the county's financial situation and work for a salary of $1 a year, he lost to Democratic candidate Tom Suozzi.