The Fund Industry: How Your Money Is Managed

Be the first to write a review
Hardcover
$47.62
BN.com price
$75.00 List Price (Save 37%)
Marketplace (New and Used)
from
$29.99
$75.00 List Price (Save 60%)
Usually ships in 1-2 business days
All (22)  
Used (3)  
New (19)  
Close
Sort by
Page 1 of 3
Showing 1 – 10 of 22 (3 pages)
$29.99
(Save 60%)
Loren Walberg MN
Seller since 2006

Feedback rating:

(208)

Condition:

New — never opened or used in original packaging.

Like New — packaging may have been opened. A "Like New" item is suitable to give as a gift.

Very Good — may have minor signs of wear on packaging but item works perfectly and has no damage.

Good — item is in good condition but packaging may have signs of shelf wear/aging or torn packaging. All specific defects should be noted in the Comments section associated with each item.

Acceptable — item is in working order but may show signs of wear such as scratches or torn packaging. All specific defects should be noted in the Comments section associated with each item.

Used — An item that has been opened and may show signs of wear. All specific defects should be noted in the Comments section associated with each item.

Refurbished — A used item that has been renewed or updated and verified to be in proper working condition. Not necessarily completed by the original manufacturer.

Good
2011 Hardcover Good Missing dust jacket.

Ships from: Ramsey, MN

Usually ships in 1-2 business days

  • •Canadian
  • •International
  • •Standard, 48 States
  • •Standard (AK, HI)
  • •Express, 48 States
  • •Express (AK, HI)
$33.98
(Save 55%)
Free State Books
Seller since 2012

Feedback rating:

(1006)

Condition: Acceptable
Free State Books. Never settle for less.

Ships from: Halethorpe, MD

Usually ships in 1-2 business days

  • •Canadian
  • •International
  • •Standard, 48 States
  • •Standard (AK, HI)
  • •Express, 48 States
  • •Express (AK, HI)
$43.28
(Save 42%)
SuperBookDeals-
Seller since 2008

Feedback rating:

(14101)

Condition: New
Brand New, Perfect Condition, Please allow 4-14 business days for delivery. 100% Money Back Guarantee, Over 1,000,000 customers served.

Ships from: South Bend, IN

Usually ships in 1-2 business days

  • •Canadian
  • •International
  • •Standard, 48 States
  • •Standard (AK, HI)
$43.29
(Save 42%)
indoo
Seller since 2007

Feedback rating:

(21684)

Condition: New
BRAND NEW

Ships from: Avenel, NJ

Usually ships in 1-2 business days

  • •Canadian
  • •International
  • •Standard, 48 States
  • •Standard (AK, HI)
$44.46
(Save 41%)
PaperbackshopUS
Seller since 2009

Feedback rating:

(4793)

Condition: New
Shipped from US in 4 to 14 business days. Established seller since 2000

Ships from: Aurora, IL

Usually ships in 1-2 business days

  • •Standard, 48 States
  • •Standard (AK, HI)
$44.46
(Save 41%)
ExpeditedBooksUS
Seller since 2010

Feedback rating:

(887)

Condition: New
Shipped from US. Express shipping in 3 to 6 business days. Standard shipping in 4 to 14 business days. Established seller since 2000

Ships from: Aurora, IL

Usually ships in 1-2 business days

  • •Standard, 48 States
  • •Standard (AK, HI)
  • •Express, 48 States
  • •Express (AK, HI)
$44.64
(Save 40%)
SuperBookDeals-
Seller since 2008

Feedback rating:

(14101)

Condition: Like New
Brand New, Perfect Condition, Please allow 4-14 business days for delivery. 100% Money Back Guarantee, Over 1,000,000 customers served.

Ships from: South Bend, IN

Usually ships in 1-2 business days

  • •Canadian
  • •International
  • •Standard, 48 States
  • •Standard (AK, HI)
$44.65
(Save 40%)
Great Book Deals
Seller since 2008

Feedback rating:

(12283)

Condition: New
Absolutely Brand New & In Stock. 100% 30-Day Money Back. Direct from our warehouse. Over 5+ Million Customers served. In business since 1997. Happy Customers is Our #1 Goal. ... Customer Service toll free upport Monday-Friday EST Hrs. 4 to 14 business day Delivery Time by US Post Office. Read more Show Less

Ships from: Oldsmar, FL

Usually ships in 1-2 business days

  • •Standard, 48 States
  • •Standard (AK, HI)
$44.65
(Save 40%)
TrackedBooksUS
Seller since 2012

Feedback rating:

(88)

Condition: New
Shipped from US in 4 to 14 business days standard or 3 to 6 business days express. FREE TRACKING WITH EVERY ORDER! Established seller since 2000

Ships from: Aurora, IL

Usually ships in 1-2 business days

  • •Standard, 48 States
  • •Standard (AK, HI)
  • •Express, 48 States
  • •Express (AK, HI)
$44.82
(Save 40%)
Joseph Messina FL
Seller since 2005

Feedback rating:

(132)

Condition: New
2011-02-08 Hardcover New in New jacket Brand New Hardcover w/ Dust Jacket + Website-just arrived from publisher-ships w/ tracking #

Ships from: Zephyrhills, FL

Usually ships in 1-2 business days

  • •Canadian
  • •International
  • •Standard, 48 States
  • •Standard (AK, HI)
  • •Express, 48 States
  • •Express (AK, HI)
Page 1 of 3
Showing 1 – 10 of 22 (3 pages)
Close
Sort by
NOOK Book (eBook)
$42.75
BN.com price
$75.00 List Price (Save 43%)

Available on NOOK devices and apps

  • Nook Devices
  • NOOK
  • NOOK Color
  • NOOK Tablet
  • Tablet/Phone
  • NOOK for iPad
  • NOOK for iPhone
  • NOOK for Android
  • NOOK for Android (Tablet)
  • NOOK Kids for iPad
  • PC/Mac
  • NOOK Study
  • NOOK for PC
  • NOOK for Mac

Want a NOOK? Explore Now

More About This Book

Overview

The Fund Industry: How Your Money Is Managed

"The authors have done a fabulous job in explaining all aspects of mutual funds in a cohesive, reader-friendly work. With over 90 million investors entrusting over $11 trillion to mutual funds and assuming more responsibility for their retirement, this book is quite timely. It should be required reading for all investors."
—Andrew J. Donohue, former Director, Division of Investment Management, U.S. Securities and Exchange Commission

"This book will greatly enhance your understanding of the fund industry. It describes how money is managed, how portfolios are constructed, and how valuations are established; it provides tools to help you research and compare funds, looking at their performance, risk and expenses, and it discusses the growing importance of funds around the globe. It's rare to find so much useful information in a single book."
—Mohamed A. El-Erian, CEO and co-CIO of PIMCO; author of When Markets Collide

"Don't sit back and assume that someone else is managing your money properly. Take the time to learn about money managers' incentives and the structures within which they operate—and use this to guide your thinking about whom you should trust and on what basis. I only wish we had such transparent and honest operating 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 and insight, but also with grace and style. It is a must-read for anyone interested in the fund industry in Asia, Europe, and the United States."
—Lord Myners, Former UK Treasury Minister

"Just as veteran stock fund managers prize their tattered copies of Ben Graham and David Dodd's Security Analysis, coming generations of fund industry leaders will cling to this essential text. There's no other book that gives readers such a thorough overview of how the fund industry operates, its evolution, its regulation, and what makes it tick."
—From the Foreword by Don Phillips, Managing Director, Morningstar, Inc.

Editorial Reviews

Paul B. Brown
The authors are not writing here about how to invest in various funds—the personal finance component of this 525-page book makes up only a small fraction of the work. Instead, their focus, as the subtitle makes clear, is "how your money is managed." They explain the legal requirements governing funds; what fund managers actually do day to day, and the roles played by transfer agents and the like…It may not answer all of your questions about how to find the best mutual funds, but it certainly makes the recommended reading list.
—The New York Times

Product Details

  • ISBN-13: 9780470634257
  • Publisher: Wiley, John & Sons, Incorporated
  • Publication date: 2/8/2011
  • Edition number: 1
  • Pages: 526
  • Sales rank: 400,983
  • Series: Wiley Finance Series , #596
  • Product dimensions: 6.20 (w) x 8.90 (h) x 1.60 (d)

Meet the Author

ROBERT POZEN is Chairman Emeritus of MFS Investment Management®, as well as a Senior Lecturer at the Harvard Business School and a Senior Fellow at the Brookings Institute. He was previously vice chairman of Fidelity Investments; chairman of the SEC Advisory Committee on improving financial reporting; and a member of the Presidential Commission to Strengthen Social Security. A prolific author of editorials in leading newspapers, in 2009 he published the book Too Big to Save?: How to Fix the U.S. Financial System. Pozen graduated summa cum laude from Harvard College and earned a doctor of laws from the Yale Law School where he was an editor of the Yale Law Journal.

THERESA HAMACHER, CFA, is President of NICSA, the National Investment Company Service Association, and the former chief investment officer for Pioneer Investment Management USA, where she supervised a team of over fifty investment professionals managing more than $15 billion in global equity and fixed income assets for mutual fund and institutional clients. Previously, she was the chief investment officer for Prudential Mutual Funds. In 1984, she ran the Prudential-Bache (Tax-Managed) Utility Fund, the top-performing mutual fund in the United States. She is coauthor of The Pocket Idiot's Guide to Investing in Stocks. Hamacher is a summa cum laude graduate of Yale College and a Chartered Financial Analyst.

Table of Contents

Foreword by Don Phillips ix

Preface xiii

Acknowledgments xvii

SECTION ONE An Investor's Guide to Mutual Funds 1

CHAPTER 1 Investing through Mutual Funds 3

Advantages and Disadvantages of Mutual Funds 5

History and Growth 9

Regulators and Industry Associations 18

Chapter Summary 23

CHAPTER 2 How Mutual Funds Work 25

Buying and Selling Fund Shares 26

The Pass-Through Tax Status of Mutual Funds 29

A Virtual Corporation 31

Ethical Standards 39

Alternatives to Mutual Funds 43

Chapter Summary 49

CHAPTER 3 Researching Funds: The User Guides 51

Mutual Funds and Disclosure 51

The Summary Prospectus 56

Beyond the Summary Prospectus 63

Using the User Guides 69

Chapter Summary 71

CHAPTER 4 Comparing Mutual Funds 73

Delineating Your Own Investment Objectives 74

Evaluating Performance 77

The Taxonomy of Mutual Funds 83

Chapter Summary 99

SECTION TWO Mutual Fund Portfolio Management 101

CHAPTER 5 Portfolio Management of Stock Funds 103

Stock Research 104

Putting It All Together: Managing a Stock Fund 117

Chapter Summary 130

CHAPTER 6 Portfolio Management of Bond Funds 133

Bond Fund Holdings 133

Putting It All Together: Managing a Bond Fund 145

Chapter Summary 153

APPENDIX TO CHAPTER 6 Bond Basics 155

Defining Characteristics of Bonds 156

Key Analytical Measures 160

Risks of Bond Investments 164

CHAPTER 7 Portfolio Management of Money Market Funds 169

How—Exactly—the $1.00 NAV Works 170

Money Market Fund Holdings 175

Putting It All Together: Managing a Money Market Fund 181

Money Market Funds and the Financial System 184

Chapter Summary 187

CHAPTER 8 Implementing Portfolio Decisions: Buying and Selling Investments 189

The Importance of Trading 190

The Evolution of the U.S. Stock Markets 191

The Role of the Mutual Fund Trader 201

Trading in Bond Funds 210

Chapter Summary 212

CHAPTER 9 Mutual Funds as Institutional Investors 215

Mutual Funds as Stockholders and the Proxy Voting Process 216

Proxy Voting by Mutual Funds 220

Activism and Mutual Funds 224

Mutual Funds and Social Change 232

Proxy Voting Outside the United States 234

Chapter Summary 236

SECTION THREE Selling Investment Funds 239

CHAPTER 10 Retail Sales 241

What Sells Mutual Funds? 241

The Intermediary Channel 243

The Direct Channel: No-Load Firms and Fund Supermarkets 260

Cross-Channel Trends 264

Chapter Summary 271

CHAPTER 11 Retirement Plans and Mutual Funds 273

The Tax Benefits of Qualified Retirement Plans 274

401(k) Plans 278

Individual Retirement Accounts 293

The Future of Retirement Planning in the United States 298

Chapter Summary 302

CHAPTER 12 The Competition from Exchange-Traded Funds and Hedge Funds 305

Exchange-Traded Funds 305

Hedge Funds 319

Chapter Summary 333

SECTION FOUR Operations and Finance 335

CHAPTER 13 Customer Service 337

The Role of the Transfer Agent 337

Technology and Shareholder Servicing 349

Transfer Agents as an Industry 354

Chapter Summary 361

CHAPTER 14 Portfolio Recordkeeping and Valuation 363

A Day in the Life of the Fund Accountant 364

Valuation of Portfolio Holdings 370

Keeping Track of Portfolio Securities: The Custodian 376

A Critical Link: Investment Operations 379

Behind the Scenes: The Independent Auditor 384

Chapter Summary 388

CHAPTER 15 The Financial Dynamics of the Fund Management Industry 391

Expenses for Fund Investors 392

Management Fee Revenue: The Debate 398

Mergers and Acquisitions Involving Fund Sponsors 408

Chapter Summary 416

SECTION FIVE The Internationalization of Mutual Funds 419

CHAPTER 16 Cross-Border Investing 421

The Growth in Cross-Border Investing 421

Advantages and Risks of Investing Overseas 426

Operational Challenges of Investing Overseas 431

Putting It All Together: Managing a Global or

International Fund 435

Chapter Summary 442

CHAPTER 17 Cross-Border Asset Gathering 443

The Global Market for Investment Funds 444

Models for a Global Fund Business 450

The UCITS Model 456

European Pension Pooling 463

Chapter Summary 469

CHAPTER 18 The Market for Investment Funds: Beyond the United States and Europe 471

Asia 472

The Americas ex U.S. 487

Chapter Summary 495

Notes 497

About the Authors 515

Index 517

Customer Reviews

Be the first to write a review
( 0 )

Rating Distribution

5 Star

(0)

4 Star

(0)

3 Star

(0)

2 Star

(0)

1 Star

(0)

Your Rating:

Review Guidelines
Add Recommendations
Your Name: Create a Pen Name or Leave Anonymously

Barnes & Noble.com Review Rules

Our reader reviews allow you to share your comments on titles you liked, or didn't, with others. By submitting an online review, you are representing to Barnes & Noble.com that all information contained in your review is original and accurate in all respects, and that the submission of such content by you and the posting of such content by Barnes & Noble.com does not and will not violate the rights of any third party. Please follow the rules below to help ensure that your review can be posted.

Reviews by Our Customers Under the Age of 13

We highly value and respect everyone's opinion concerning the titles we offer. However, we cannot allow persons under the age of 13 to have accounts at BN.com or to post customer reviews. Please see our Terms of Use for more details.

What to exclude from your review:

Please do not write about reviews, commentary, or information posted on the product page. If you see any errors in the information on the product page, please send us an email.

Reviews should not contain any of the following:

  • - HTML tags, profanity, obscenities, vulgarities, or comments that defame anyone
  • - Time-sensitive information such as tour dates, signings, lectures, etc.
  • - Single-word reviews. Other people will read your review to discover why you liked or didn't like the title. Be descriptive.
  • - Comments focusing on the author or that may ruin the ending for others
  • - Phone numbers, addresses, URLs
  • - Pricing and availability information or alternative ordering information
  • - Advertisements or commercial solicitation

Reminder:

  • - By submitting a review, you grant to Barnes & Noble.com and its sublicensees the royalty-free, perpetual, irrevocable right and license to use the review in accordance with the Barnes & Noble.com Terms of Use.
  • - Barnes & Noble.com reserves the right not to post any review -- particularly those that do not follow the terms and conditions of these Rules. Barnes & Noble.com also reserves the right to remove any review at any time without notice.
  • - See Terms of Use for other conditions and disclaimers.
Search for Products You'd Like to Recommend

Recommend other products that relate to your review. Just search for them below and share!

Create a Pen Name

Your Pen Name is your unique identiy on BN.com. It will appear on the reviews you write and other website activities. Your Pen Name cannot be edited, changed or deleted once submitted.

Your Pen Name can be any combination of alphanumeric characters (plus - and _), and must be at least two characters long.

Continue Anonymously

We're sorry, but penname is already taken.

Please select one of the following:
Your Pen Name can be any combination of alphanumeric characters (plus - and _), and must be at least two characters long.

Continue Anonymously

penname is available!

By visiting the BN.com website or marking a purchase on BN.com, a User is deemed to have accepted the Terms of Use.

Continue Anonymously

Welcome, penname

You have successfully created your Pen Name. Start enjoying the benefits of the BN.com Community today.

If you find inappropriate content, please report it to Barnes & Noble
Why is this product inappropriate?
Comments (optional)
500 character limit