TAILIEUCHUNG - Mutual Funds by Edwin J. Elton* Martin J. Gruber**

Risk management is an evolving discipline. Several organizations have sought to provide assistance and thought leadership through the development of risk management frameworks and guidance. Much, if not most, of this guidance is focused on traditional operating companies and does not contemplate the externally managed structure of investment companies. As a result, while the guidance these organizations have provided is sound, it typically does not focus on the unique issues faced by funds and their boards of directors. Nevertheless, the concepts and observations in the literature provide helpful insights, and a list of some of these publications is included in. | Mutual Funds by Edwin J. Elton Martin J. Gruber April 14 2011 Nomura Professor of Finance New York University Professor Emeritus and Scholar in Residence New York University 1 - Mutual Funds 4-13-11 1. Introduction Mutual funds have existed for over 200 years. The first mutual fund was started in Holland in 1774 but the first mutual fund didn t appear in the . for 50 years until 1824. Since then the industry has grown in size to 23 trillion dollars worldwide and over trillion dollars in the . The importance of mutual funds to the . economy can be seen by several simple metrics 1 1. Mutual funds in terms of assets under management are one of the two largest financial intermediaries in the . 2. Approximately 50 of American families own mutual funds. 3. Over 50 of the assets of defined contribution pension plans are invested in mutual funds. In the . mutual funds are governed by the Investment Company Act of 1940. Under law mutual funds are legal entities which have no employees and are governed by a board of directors or trustees who are elected by the fund investors. Directors outsource all activities of the fund and are charged with acting in the best interests of the fund investors. Mutual funds tend to exist as members of fund complexes or fund families. There are 16 120 funds in the . Of these 7 593 are open-end funds which are distributed by 685 fund Funds differ from each other by the type of securities they hold the services they provide and the fees they charge. The sheer number of funds makes evaluation of performance important. Data transparency and analysis become important in selecting funds. Usually when people talk about mutual funds they are referring to open-end mutual 1 All descriptive statistics in this section as of the start of 2011 or the last available data on that date unless otherwise noted. 2 The assets in fund families are highly concentrated with the 10 largest families managing 53 of the assets in the .

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