Mutual Funds were introduced in Pakistan in 1962, with the public offering of National Investment (Unit) Trust (NIT) which is an open-end Mutual fund in the public sector. This was followed by the establishment of the Investment Corporation of Pakistan (ICP) in 1966, which subsequently offered a series of closed-end mutual funds. Up to date, twenty six (26) closed-end ICP Mutual Funds have been floated. Initially there was both public and private sector participation in the management of these funds, but with the nationalization in the seventies, the government role become more dominant and today these mutual funds are totally in the public sector. Later, the government also allowed the private sector to establish mutual funds. Currently there exists one open-ended and eleven closed-ended mutual funds under private sector management.