TICKER TALK

Philip L. Carret, a pioneer of the mutual fund industry, died Thursday at the age of 101, said Renee Carret, a granddaughter.

Carret began managing money in 1924 in a “pooled” investment trust for friends and family. The trust was reorganized as a corporation in 1928 and became one of the first U.S. mutual funds. Today, it is known as the Pioneer Fund, run by Pioneer Group Inc. of Boston.

“His basic tenet was that if you found good management you could trust and they owned part of the company, they made good long-term investments,” said David Tripple, chief investment officer of Pioneer. “I don’t think in 101 years he ever got sucked up into a fad or a frenzy.”