The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Pax World CoFounder Passes Away Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, March 26, 2003

Pax World CoFounder Passes Away

by: Sean Hanna, Editor in Chief

The Rev. Dr. Elliot "Jack" Corbett, co-founder of Pax World Funds, died last week, reports Reuters. Corbett was 82 and died in Portsmouth, New Hampshire after a short illness on March 18, according to the report. He had retired from Pax World in 1996.

Pax World was one of the first mutual funds to screen its investments based on social criteria. The fund, now known as the Pax World Balanced Fund, today holds some $1.1 billion in assets. Corbett had directed marketing for the fund prior to his retirement.

Jack Corbett and Luther Tyson stumbled upon the idea for a socially-screened fund in 1967 when they received a letter from a woman in Ohio asking: "Is there a mutual fund which will manage my pension money without investing in war-related industries?" At the time the pair were working for the Board of Church and Society of the United Methodist Church.

Tyson decided to open the fund a year latter during a trip home from France where he had been part of a delegation monitoring the Paris Peace Talks. Not able to find a fund sponsor interested in the idea, they turned to two Portsmouth-bred brothers -- Paul Brown and Anthony Brown -- for help in organizing the fund. The opened the Pax World Fund on August 10, 1971 with $101,000 in seed money.

Corbett retained his youthful spirit and optimism long after the usual retirement age. In 1998 he told Pax World shareholders at an award ceremony that he was both exuberant about life and prospects for the fund.

"As for me," said Corbett, "there is a paradox proverb that says that everyone wants to live longer, but no one wants to grow older. Of course, you can't do that. What I've noticed in my retirement is not that I'm growing older -- not that, of course -- but that I'm losing some energy. I think we all notice that, as we age. I'm fighting it partly by looking for the fountain-of-youth pill, so I take all the vitamins and minerals and nutrients that I can. If one of them turns out to really be the fountain-of-youth pill and I identify it, I'll let you all know. And I'll certainly let the manager of the Growth Fund know, so he can invest in the company that produces it and make a killing for the shareholders!"

His wife Sarah Anne, three children and three grandchildren survive Corbett. 

Stay ahead of the news ... Sign up for our email alerts now

 Do You Recommend This Story?

Return to Top
 News Archives
2024: Q3Q2Q1
2023: Q4Q3Q2Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Add to My Yahoo!
follow us in feedly

©All rights reserved to InvestmentWires, Inc. 1997-2024
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use