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9780470634257

The Fund Industry How Your Money is Managed

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  • ISBN13:

    9780470634257

  • ISBN10:

    0470634251

  • Format: Hardcover
  • Copyright: 2011-02-08
  • Publisher: Wiley
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List Price: $75.00

Summary

Rev. ed. of: The mutual fund business / Robert C. Pozen; editorial assistance by Sandra D. Crane. 2nd ed. 2002.

Author Biography

ROBERT POZEN is Chairman Emeritus of MFS Investment Management®, as well as a Senior Lecturer at the Harvard Business School and a Senior Fellow at the Brookings Institute. He was previously vice chairman of Fidelity Investments; chairman of the SEC Advisory Committee on improving financial reporting; and a member of the Presidential Commission to Strengthen Social Security. A prolific author of editorials in leading newspapers, in 2009 he published the book Too Big to Save?: How to Fix the U.S. Financial System. Pozen graduated summa cum laude from Harvard College and earned a doctor of laws from the Yale Law School where he was an editor of the Yale Law Journal.

THERESA HAMACHER, CFA, is President of NICSA, the National Investment Company Service Association, and the former chief investment officer for Pioneer Investment Management USA, where she supervised a team of over fifty investment professionals managing more than $15 billion in global equity and fixed income assets for mutual fund and institutional clients. Previously, she was the chief investment officer for Prudential Mutual Funds. In 1984, she ran the Prudential-Bache (Tax-Managed) Utility Fund, the top-performing mutual fund in the United States. She is coauthor of The Pocket Idiot's Guide to Investing in Stocks. Hamacher is a summa cum laude graduate of Yale College and a Chartered Financial Analyst.

Table of Contents

Foreword
Preface
An Investor's Guide to Mutual Funds
Investing Through Mutual Funds
Advantages and Disadvantages of Mutual Funds
History and Growth
Regulators and Industry Associations
Chapter Summary
How Mutual Funds Work
Buying and Selling Fund Shares
The Pass-Through Tax Status of Mutual Funds
A Virtual Corporation
Ethical Standards
Alternatives to Mutual Funds
Chapter Summary
Researching Funds: The User Guides
Mutual Funds and Disclosure
The Summary Prospectus
Beyond the Summary Prospectus
Using the User Guides
Chapter Summary
Comparing Mutual Funds
Delineating Your Own Investment Objectives
Evaluating Performance
The Taxonomy of Mutual Funds
Chapter Summary
Mutual Fund Portfolio Management
Portfolio Management of Stock Funds
Stock Research
Putting It All Together: Managing a Stock Fund
Chapter Summary
Portfolio Management of Bond Funds
Bond Fund Holdings
Putting it All Together: Managing a Bond Fund
Chapter Summary
Appendix to Chapter 6: Bond Basics
Defining Characteristics of Bonds
Key Analytical Measures
Risks of Bond Investments
Portfolio Management of Money Market Funds
How - Exactly - the $1.00 NAV Works
Money Market Fund Holdings
Putting It All Together: Managing a Money Market Fund
Money Market Funds and the Financial System
Chapter Summary
Implementing Portfolio Decisions: Buying and Selling Investments
The Importance of Trading
The Evolution of the U.S. Stock Markets
The Role of the Mutual Fund Trader
Trading in Bond Funds
Chapter Summary
Mutual Funds as Institutional Investors
Mutual Funds as Stockholders and the Proxy Voting Process
Proxy Voting by Mutual Funds
Activism and Mutual Funds
Mutual Funds and Social Change
Proxy Voting Outside the United States
Chapter Summary
Selling Investment Funds
Retail Sales
What Sells Mutual Funds?
The Intermediary Channel
The Direct Channel: No-Load Firms and Fund Supermarkets
Cross Channel Trends
Chapter Summary
Retirement Plans and Mutual Funds
The Tax Benefits of Qualified Retirement Plans
401(k) Plans
Individual Retirement Accounts
The Future of Retirement Planning in the U.S
Distribution Planning
Chapter Summary
The Competition from Exchange-Traded Funds and Hedge Funds
Exchange-Traded Funds
Hedge Funds
Chapter Summary
Operations and Finance
Customer Service
The Role of the Transfer Agent
Technology and Shareholder Servicing
Transfer Agents as an Industry
Chapter Summary
Portfolio Recordkeeping and Valuation
A Day in the Life of the Fund Accountant
Valuation of Portfolio Holdings
Keeping Track of Portfolio Securities: The Custodian
A Critical Link: Investment Operations
Behind the Scenes: The Independent Auditor
Chapter Summary
The Financial Dynamics of the Fund Management Industry
Expenses for Fund Investors
Management Fee Revenue: The Debate
Mergers and Acquisitions Involving Fund Sponsors
Chapter Summary
The Internationalization of Mutual Funds
Cross-Border Investing
The Growth in Cross-Border Investing
Advantages and Risks of Investing Overseas
Operational Challenges of Investing Overseas
Putting It All Together: Managing a Global or International Fund
Chapter Summary
Cross-Border Asset Gathering
The Global Market for Investment Funds
Models for a Global Fund Business
The UCITS Model
European Pension Pooling
Chapter Summary
The Market for Investment Funds: Beyond the United States and Europe
Asia
The Americas ex U.S
Chapter Summary
Notes
About the Authors
Index
Table of Contents provided by Publisher. All Rights Reserved.

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