Which mutual fund scheme is the oldest in world?

Sherman Adams was a daring Boston broker who in 1924 introduced the world’s first mutual fund, the MIT Fund, or Massachusetts Investors Trust Fund. By investing in the MIT Fund, customers could buy or sell their shares whenever they wanted, rather than tie their money up for a set number of years. After the MIT Fund survived the stock market crash of 1929, more mutual funds cropped up, leading to a massive mutual fund industry.