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Contents Chapter 1: A New Look at Mutual Funds Why Mutual Funds Rate Regulation by Mutual Fund Boards of Directors Impairs Competition and Keeps Mutual Fund Prices High The SEC¿s Failed Diagnosis Providing collective investment services through a Managed Investment Trust What Follows Chapter 2: A Brief History of Mutual Fund Regulation: The Conflict Between the Required Structure of Investment Companies and the Economics of Collective Investment The Beginnings of the Mutual Fund Business¿Until 1940 The Investment Company Act of 1940 Post-1940 Refinements The Mutual Fund Scandals of 2003 and their Aftermath Chapter 3: The Growth of the Mutual Fund Industry and its Competitors The Post-War Boom in Mutual Funds Who Owns Mutual Funds? Competition in and for the Fund Industry The Change in Fund Distribution The Developing Competition for Collectively Managed Assets Separately Managed Accounts (SMAs) Bank Common Trust Funds Exchange-Traded Funds (ETFs) Hedge Funds Conclusion Chapter 4: The Paradox of Mutual Fund Fees The Variation in Fees Conventional Explanations of Fee Variations Industry Structure Inadequate Disclosure The Fundamental Problem: the Industry¿s Regulatory Structure The Vanguard Exception Is Inadequate Disclosure the Problem? Earlier efforts to Promote Competition¿the Division of Investment Management and the UFIC Chapter 5: The Managed Investment Trust Option The MIT Model: Some Details Monitoring the MIT Addressing Conflicts of Interest without a Board The Investment Adviser¿s Fiduciary Duty The Value of the All-in Fee Routine Activities Violations that the Board Cannot Discover Allocation of Fund Brokerage Remaining Potential Conflicts Current ICA Prohibitions Relating to Transactions with Affiliates Notice Relating to Mergers between Two or More Funds in the Same Complex Dealing with Excessive Risk-taking by the Adviser Allocating Scarce Securities among Different Funds Reducing the Obstacles to Moving from Fund to Fund Tax Changes Loads What the MIT Option Will Do Notes Index About the Authors
Library of Congress Subject Headings for this publication:
Mutual funds -- United States -- Management.
Investment analysis -- United States.