Scudder Stevens & Clark

Founded in 1919 by Theodore Townsend Scudder, Scudder Stevens & Clark was one of America's oldest and most respected investment counsel firms. The company made history in 1928 by launching the first-ever no-load mutual fund, allowing investors to buy into a diversified portfolio without paying a sales commission. This innovation democratized investing for many Americans. Throughout its history, the firm focused on investment management for individuals, institutions, and retirement plans. In 1997, the company was acquired by Zurich Insurance Group and merged with their Kemper Funds unit to become Scudder Kemper Investments. Subsequently, in 2002, the majority of the business was sold to Deutsche Bank, where it was integrated into their asset management division. The "Scudder" brand was eventually phased out in favor of the DWS brand.