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Meanwhile, thanks to corporate pension plan sponsors directing their funds to large sophisticated and diversified money management firms, its institutional business was also growing. Scudder's mutual fund business was the first to introduce international mutual fund and no-load mutual funds in the U.S. in 1970s. The firm's investment counseling business was executed by geographically separate offices (Boston, New York Philadelphia, Dallas etc.). In the course of time, some of these district offices became specialized teams on the investment side of the business (for example, equity research analysts and portfolio managers in New York office, fixed income specialists in Boston office)...
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