Scudder Stevens & Clark

Scudder Stevens & Clark was a pioneering American investment management firm founded in 1919 in Boston. The firm is widely recognized for launching the first no-load mutual fund in 1928, a landmark event in the history of the asset management industry. Throughout the 20th century, it operated as a prestigious private partnership providing investment counsel and managing a diverse range of mutual funds. In 1997, the company was acquired by Zurich Financial Services for approximately 1.67 billion dollars. Following subsequent mergers and acquisitions, the Scudder brand was eventually integrated into Deutsche Bank's asset management division, now known as DWS. Although the firm managed various sector-specific funds, its primary business was financial services rather than biotechnology or life sciences research.