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SWFs pose a complex challenge for policy makers. On one hand, SWFs are long-term investment vehicles looking beyond quarterly results and therefore serve as stable funding sources during financial turbulence. On the other hand, however, there are operational concerns stemming from government control (i.e., lack of transparency and possible non-commercial investment goals). Without transparency, it is difficult to attain a clear picture of SWF investment activity. A lack of SWF transparency can also obscure governance and risk-management problems within SWFs | INVESTMENT COMPANY INSTITUTE PERSPECTIVE Vol. 9 No. 6 December 2003 Perspective is a series of occasional papers published by the Investment Company Institute the national association of the American investment company industry. John Rea executive editor Craig Tyle executive editor Sue Duncan managing editor. The Expenses of Defined Benefit Pension Plans and Mutual Funds by Sean Collins1 1401 H Street NW Suite 1200 Washington DC 20005 www.ici.org INTRODUCTION Previous research by the Investment Company Institute ICI has examined trends in mutual fund fees and expenses.2 These articles provided evidence that the fees and expenses that mutual fund shareholders pay when purchasing and owning a mutual fund have declined considerably since the 1980s. These articles also found that the annual fees and expenses that an individual fund pays to operate tend to decline as its assets rise. This paper extends the research of those earlier studies by comparing the expenses of mutual funds with those of defined benefit pension plans sponsored by state and local governments public pension plans .3 Mutual funds and pension plans are similar in that they manage relatively large pools of assets.4 Nonetheless there are marked differences between mutual funds and pension plans. They have different business objectives serve different clienteles have different organizational structures and operations and use different conventions for reporting expenses. Failure to account for differences between mutual funds and pension plans can lead to misinterpretations. For example a recent study by John Freeman and Stewart Brown 2001 concluded incorrectly that mutual funds pay more for portfolio management than public pension plans 5 a result reached by including more than portfolio management expenses in the mutual fund fees that they analyzed. This issue of Perspective examines the organizational structures of mutual funds and pension plans and compares levels and trends in their expenses. The .
