These are not the best of times for the great U.S. mutual fund industry.
Over almost half a century, from 1960 through 2007, the mutual fund industry increased assets from $17 billion to $12 trillion, according to the Investment Company Institute (ICI). The number of U.S. funds went from 161 to 8,027 and shareholder accounts grew from 5 million to 293 million.
In 2008, the great mutual fund growth wave finally came to a halt.
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