By Peter J. Wallison

ISBN-10: 084474252X

ISBN-13: 9780844742526

Mutual cash are a key source for americans saving for retirement, university, and different long term targets. With hundreds of thousands of fund households and millions of person money crowding undefined, festival could infrequently appear a subject matter. but cash are failing to compete successfully on fee. it is a major problem for savers, simply because small fee modifications can deeply erode funding effects over the years. This booklet argues that the matter isn't really too little rules, yet an excessive amount of and of the inaccurate style. The authors convey how present coverage ends up in de facto price legislation and suggest a brand new collective funding motor vehicle.

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For example, in 1980 the SEC permitted an exemption from the ICA for a fund that wanted to use fund assets to pay for share distributions under section 12(b) of the ICA. 19 The SEC went a step further in 1992, with the release of a study by its Division of Investment Management titled Protecting Investors: A Half Century of Investment Company Regulation. 20 Thereafter the SEC moved purposefully to ensure that independent directors formed a majority of all fund boards. Thus, although the ICA’s original language requiring only 40 percent of a fund’s directors to be independent is still on the books, the Commission has virtually eliminated it by regulation.

Here and in chapter 2, we also explain the limits of fund boards and why they failed to prevent the scandals that tarnished the industry several years ago. The arguments in chapter 4 provide the rationale for the MIT proposal we outline in detail in chapter 5. Key to our proposal is the option to operate a collective investment vehicle without having a separate board of directors. Once boards are no longer involved in rate setting, the benefits they provide in the form of preventing conflicts of interest seem much less than their costs.

Happily, as the demand for investment vehicles has increased, the market has responded with a proliferation of new means of asset diversification. Over the past several years especially, not only have mutual fund companies vastly expanded their product selection, but alternative investment vehicles such as hedge funds, exchange-traded funds, and separately managed accounts have emerged as competitors to traditional mutual funds. Investors will benefit from this increased competition, but it will be a challenge for the fund industry.

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Competitive Equity: Developing a Lower Cost Alternative to Mutual Funds by Peter J. Wallison


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