I think most people will find The Fund Industry oneof the most informative books they ve read in quite a while. It shows that mutual fund investors know mighty littleabout where they ve put their hard–earned money.
Brenda Jubin, Seeking Alpha, February 2011
We can even envision this book as required reading fornew employees of investment advisory fi rms or suggested readingfor directors new to the investment company industry.
The Investor s Guide to Closed–End Funds,April 2011 a Jubin, Seeking Alpha, February 2011
a valuable overview of the operations of themutual funds industry.
Pensions & Investments, April 2011
the book is more than worthwhile itcertainly makes the recommended reading list.
The New York Times, April 2011
avaluable overview of the operations of the mutual fundsindustry. (Pensions & Investments, April2011).
Around the world, there are tens of thousands of mutual fundswith over $20 trillion in assets. The Fund Industry: How Your MoneyIs Managed gives you an inside look at how mutual fundswork how they invest money, distribute their shares to thepublic, and provide service to fund shareholders and why theyhave become the investment vehicle of choice for investors aroundthe world.
Written by two fund experts Robert Pozen, Chairman Emeritusof MFS Investment Management®, and Theresa Hamacher, Presidentof NICSA The Fund Industry details:
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The history and growth of mutual funds, as well as theiradvantages and disadvantages compared to alternative investmentvehicles, such as ETFs and hedge funds
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How to evaluate funds, categorizing them by security type andinvestment objective and researching them using the prospectus,shareholder reports, and third–party reviews
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How fund managers pick stocks and bonds, make trading decisions,and vote proxies
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How mutual funds are sold through brokers, banks, insuranceagents, retirement plans, and fund supermarkets
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The roles of the independent directors, transfer agents, andfund accountants
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The opportunities and challenges of investing and gatheringassets internationally
The Fund Industry companion website offers readers additional,exclusive information, as well as a special section for teacherscontaining review and discussion questions, case studies, andsuggested readings.
From the Back Cover
The Fund Industry: How Your Money Is Managed
“The authors have done a fabulous job in explaining all aspectsof mutual funds in a cohesive, reader–friendly work. With over 90million investors entrusting over $11 trillion to mutual funds andassuming more responsibility for their retirement, this book isquite timely. It should be required reading for allinvestors.”
Andrew J. Donohue, former Director, Division ofInvestment Management, U.S. Securities and Exchange Commission
“This book will greatly enhance your understanding of the fundindustry. It describes how money is managed, how portfolios areconstructed, and how valuations are established; it provides toolsto help you research and compare funds, looking at theirperformance, risk and expenses, and it discusses the growingimportance of funds around the globe. It′s rare to find so muchuseful information in a single book.”
Mohamed A. El–Erian, CEO and co–CIO of PIMCO; authorof When Markets Collide
“Don′t sit back and assume that someone else is managing yourmoney properly. Take the time to learn about money managers′incentives and the structures within which they operate anduse this to guide your thinking about whom you should trust and onwhat basis. I only wish we had such transparent and honestoperating instructions for the rest of the financial system.”
Simon Johnson, coauthor of 13 Bankers;Professor, MIT Sloan School of Management
“This is a great book written with informed knowledge andinsight, but also with grace and style. It is a must–read foranyone interested in the fund industry in Asia, Europe, and theUnited States.”
Lord Myners, Former UK Treasury Minister
“Just as veteran stock fund managers prize their tattered copiesof Ben Graham and David Dodd′s Security Analysis, cominggenerations of fund industry leaders will cling to this essentialtext. There′s no other book that gives readers such a thoroughoverview of how the fund industry operates, its evolution, itsregulation, and what makes it tick.”
From the Foreword by Don Phillips, Managing Director,Morningstar, Inc.
About the Author
ROBERT POZEN is Chairman Emeritus of MFS InvestmentManagement®, as well as a Senior Lecturer at the HarvardBusiness School and a Senior Fellow at the Brookings Institute. Hewas previously vice chairman of Fidelity Investments; chairman ofthe SEC Advisory Committee on improving financial reporting; and amember of the Presidential Commission to Strengthen SocialSecurity. A prolific author of editorials in leading newspapers, in2009 he published the book Too Big to Save?: How to Fix the U.S.Financial System. Pozen graduated summa cum laude from HarvardCollege and earned a doctor of laws from the Yale Law School wherehe was an editor of the Yale Law Journal.
THERESA HAMACHER, CFA, is President of NICSA, theNational Investment Company Service Association, and the formerchief investment officer for Pioneer Investment Management USA,where she supervised a team of over fifty investment professionalsmanaging more than $15 billion in global equity and fixed incomeassets for mutual fund and institutional clients. Previously, shewas the chief investment officer for Prudential Mutual Funds. In1984, she ran the Prudential–Bache (Tax–Managed) Utility Fund, thetop–performing mutual fund in the United States. She is coauthor ofThe Pocket Idiot′s Guide to Investing in Stocks. Hamacher is asumma cum laude graduate of Yale College and a Chartered FinancialAnalyst.
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