Mutual funds pool money from many investors and invest it in a variety of financial instruments to generate returns. They allow investors to own shares in a variety of companies and asset classes with a single investment. A brief history noted the origins of mutual funds in India in 1964 with UTI and their later expansion in 1987 with public sector banks/insurers and 1993 with private sector players. Key entities involved in operating a mutual fund include sponsors, trustees, asset management companies, custodians, and registrars.