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.
