Investment Clubs Manual004 - ABOUT INVESTMENT CLUBS The...

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Unformatted text preview: ABOUT INVESTMENT CLUBS The earliest Investment club on record started in Texas, USA, In 1898, but the father of the modern movement is generally agreed to have been an American, Frederic C Russell. Fred decided to form an investment club as a means of building up capital to buy a small business. He became the inspiration of the movement and his creation, the Mutual Investment Club of Detroit, has continued to prosper. Since its inception it has had an average of 18 members paying in around $20 dollars a month each. In total, they have made subscriptions of $426,000; withdrawn $2 million; and have a remaining portfolio worth well over $3 million. The National Association of investment Clubs of America was formed in 1951 . Today, there are nearly a million members In more than 60,000 clubs. In the late 1950's in England, Barry Groombridge had a letter published in TheTimes, commending the American idea of investment clubs, primarily as a means of helping people to learn about the stock market. He discussed this with Bill Lowe, a chartered accountant based In Liverpool, and together they launched the National Association of Investment Clubs Limited (NAIC) to develop the movement on a national basis. As pan of its ongoing commitment to private investors, ProShare acquired the NAIC in late 1993 and relaunched the movement In the UK as ProShare Investment Clubs (PIC). In ten years over 12,000 clubs were formed in Britain and In 2003 ProShare decided that ProShare Investment Clubs (PIC) would be enhanced by the provision of a professional suite of services. Accordingly ProShare has entrusted the future development of PIC to one of the country’s leading independent financial Information providers. Digital Look. October 2008 ProShare Investment Club THE MANUAL ...
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