  We show that the mass function of black holes expected from the past quasar
activity (both visible and obscured) is consistent with the number of dormant
black holes found in the bulges of nearby galaxies. The joint formation of
quasars and bulges is addressed by means of an analytical model for galaxy
formation, based on the hierarchical clustering of cold dark matter halos. The
model is able to reproduce the main statistical properties of both populations
under the hypotheses that (i) star formation and quasar shining follow an
anti-hierarchical order, and (ii) galaxy morphology and final black hole mass
are determined by the same physical process.
