TAILIEUCHUNG - European Fund and Asset Management Association (EFAMA)

A study for the German Ministry of Economics and Technology (Fryges et al, 2007) analysed high- tech start-ups and Business Angels. The results, presented here, are based on analysed companies that have been founded between 2001 and 2005 (formation cohort/group 2001-2005). According to the study, the most important source of financing for the young companies of this formation cohort is cash-flow and owner’s equity. Among newly created high-tech companies of the cohort 2001-2005 in Germany approx. 5% received Business Angel financing (approx 3,700 companies). Companies with Business Angel support received (on average) financing from about 2 BAs. . | FUND FEES IN EUROPE ANALYZING INVESTMENT MANAGEMENT FEES DISTRIBUTION FEES AND OPERATING EXPENSES Prepared for European Fund and Asset Management Association EFAMA October 2011 Strategic Insight an Asset International Company Copyright 2011 Fund Fees in Europe October 2011 Recognition This report was commissioned by the European Fund and Asset Management Association EFAMA . We are grateful for the input of the EFAMA TER working group members Massimo Tosato Chair - Executive Vice Chairman Schroders James B. Broderick - Head of Europe . Morgan Asset Management Fabio Galli - Director General Assogestioni Franẹois de Looz - Global Head of Risk Management Compliance Legal - BNP Paribas Asset Management Markus Miederhoff - General Counsel Europe Allianz Global Investors Laurent Ramsey - Chief Executive Officer Pictet Funds 2 Fund Fees in Europe October 2011 Table of Contents Executive Key European Funds Total Expense Ratio Total Expense Ratio by Fund Type and Distribution Management Fees Shared with Distributors Retained by Fund Fee and Expense Dynamics in Europe Moving European Fund Fees in Contrast to the . Management Fees and Expenses Europe and the Annual Asset-Based Fees and Commissions Beyond Conclusions Looking Ahead. 15 Appendix Report About Strategic EFAMA European Fund Fee Survey Results 2011 Retail

• Quỹ đầu tư
• sales restrictions
• between heterogeneity
• Allergen Bioinformatics
• Recent Trends
• Developments
• Family Based Studies
• versus non Internet
• Manufacturing
• Mechanical Improvement
• Ramie Woven
• Reinforced Starch
• Pricing Functional
• Optimal Portfolios
• Equilibrium Pricing
• Diagrammatic Representation
• Contingent Claims