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	Mutual Fund Managers’ Conflict of Interest (SmartEconomist.com)
		Through a better understanding of fund managers’ implicit and explicit objectives and of their actions, investors will be more able to spot the specific factors to be monitored in order to make sure that their savings are properly managed.
		If the fund manager’s risk tolerance is high, she will react to underperformance by increasing the fund’s risk, relative to that of its benchmark portfolio.
		Managers who opt for low risk portfolios in the first place, thus denoting low risk tolerance, are found to further decrease the risk of their portfolio when this is underperforming the market.
	www.smarteconomist.com /node/257/print (1247 words)

	Can Mutual Fund Managers Pick Stocks?
		They find that the average mutual fund managers show stock-picking skill, in the sense that the subsequent earnings announcement returns on their weight-increasing stocks are significantly higher than those on their weight-decreasing stocks.
		Funds that do better are more likely to have a growth than an income style, a finding that is consistent with other long-horizon studies.
		Although the authors find new evidence that mutual fund managers have some stock-picking skill, their approach, because it uses only a subset of total returns data and a particular, well-defined notion of skill, may not be suited to measuring the total returns earned by fund managers.
	www.nber.org /digest/mar05/w10685.html (938 words)

	GESB - External Fund Managers
		Fund managers are selected and appointed for their expertise in a particular asset class and their ability in active security selection or in replicating the performance of a particular index.
		All external fund managers are closely monitored and reviewed regularly to ensure they are adhering to our investment guidelines, delivering on risk and return objectives and maintaining a consistent investment process.
		It has a history of managing funds since 1933 and is one of the world's leading asset managers with over AUD$276 billion assets under management worldwide as at 30 June 2005.
	www.gesb.wa.gov.au /about_gesb/fund_managers.jsp (2051 words)

	How Mutual Fund Managers Exploit Opportunities to Maximize Fees - Knowledge@Wharton
		Fund managers, they say, cannot properly serve fund investors when they must also serve their own bosses, the management companies' owners, public or private.
		Legally, a fund is a corporation with a board of directors charged with looking after investors' interests and hiring a firm to manage the fund.
		While research can be funded through ordinary fees, many fund companies pay for it through so-called "soft dollars." In this practice, which is legal, a brokerage company that executes trades for a fund manager provides research data in exchange for inflated trading commissions.
	knowledge.wharton.upenn.edu /article/1037.cfm (1221 words)

	MoneyScience Financial Intelligence Network : Due Diligence, Disclosure and Fund Managers
		Fund managers should be prepared for the proverbial "check under the hood" when it comes to attracting new investors.
		Domestic funds are typically organized either as a limited partnership (in which the manager is the general partner and the investors are limited partners) or as a limited liability company in which the manager is the managing member and the investors are non-managing members).
		If the fund is a fund of funds, there are special considerations, the most important of which concerns fees and compensation to the two levels of managers.
	moneyscience.org /home/tiki-read_article.php?articleId=7 (2142 words)

	Evaluating Small Cap Fund Managers
		When evaluating returns of actively managed funds we must be sure to compare returns to a proper benchmark.
		In his famous study, "On Persistence in Mutual Fund Performance," Mark Carhart found that for the period 1962-1993, after adjusting for style (comparing small-cap funds to small-cap benchmarks, value funds to value benchmarks, etc.), the average actively managed fund underperformed its proper benchmark by 1.8 percent per annum.
		Funds that perform poorly close either because of redemptions by investors or because they are merged out of existence by their sponsor.
	www.indexfunds.com /articles/20020530_smallcaps_iss_act_LS.htm (1706 words)

	Investment management - Wikipedia, the free encyclopedia
		The term asset management is often used to refer to the investment management of collective investments, whilst the more generic fund management may refer to all forms of institutional investment as well as investment management for private investors.
		The theory of portfolio diversification was originated by Markowitz and effective diversification requires management of the correlation between the asset returns and the liability returns, issues internal to the portfolio (individual holdings volatility), and cross-correlations between the returns.
		Fund performance is the acid test of fund management, and in the institutional context accurate measurement is a necessity.
	en.wikipedia.org /wiki/Fund_manager (2244 words)

	Hedge fund - Wikipedia, the free encyclopedia
		Where Mutual Funds may be limited to being "long" the market by buying instruments such as bonds, equities or money market instruments, and may have a limited ability to enter into derivative contracts, hedge funds do not suffer such regulatory restrictions, and are limited only by the terms of the contracts governing the particular fund.
		Funds of funds carry an additional layer of fees, typically a 1% management fee and, optionally, a 10% incentive (performance) fee, in return for their due diligence on a selection of hedge fund managers.
		For example, hedge funds were widely blamed for the speculative run-up in the bond market that preceded the global bond crisis of 1994, although the major players in the bond spree were actually large commercial and investment banks.
	en.wikipedia.org /wiki/Hedge_fund (5644 words)

	Hedge Fund - Overview
		Asian hedge funds are no strangers to Hong Kong or Singapore, there are already a number of US and Europe based managers offering Asian hedge funds, but these are mainly by global and international fund managers.
		For managers who have decided to set-up a hedge fund in the region, there are a number of different ways to enter the fray and an increasing number of service providers lining up to help.
		It is important to get the arrangements right first time as anything that delays the fund’s launch can have a significant impact both on the profitability of the manager’s operations and, more importantly, on the confidence of their investors.
	www.ey.com /global/content.nsf/China_E/Hedge_Fund_-_Overview (644 words)

	Rating Fund Managers by the Company They Keep — HBS Working Knowledge
		For example, although it is by now well known that net returns to fund investors have on average not exceeded index returns, only in recent years have holdings studies shown that the actual stock picks of fund managers have outperformed the market.
		Similar to basketball players, active mutual fund managers rely on a variety of techniques when trying to beat their benchmarks, and many of these techniques are common to groups of managers.
		In this paper, a fund manager's ability to select outperforming stocks is judged by the extent to which his investment decisions resemble those of other successful managers.
	hbswk.hbs.edu /item/3327.html (1559 words)

	Higher Taxes on Carried Interest Would Be Borne By Investment Fund Managers,9/19/07
		As part of their contractual arrangement with investors, the managers of a private equity fund typically receive a “carried interest” equal to 20 percent of fund profits: that is, they obtain the right to receive 20 percent of the profits ultimately earned by the fund, without contributing 20 percent of the fund’s financial capital.
		Recently, some private equity fund managers have even formed a coalition to argue that some of the incidence of the tax would be shifted to minority-owned businesses — in the form of reduced investment in these enterprises — or to low-income communities — in the form of reduced investment in low-income housing.
		If investors are more responsive to an increase in fees than managers are to a reduction in their after-tax compensation, then most of the change in the tax treatment of carried interest will be borne by fund managers.
	www.cbpp.org /9-19-07tax.htm (3578 words)

	A Survey Of Property Fund Managers
		Property fund managers are, accordingly, responsible for the management of groups of property portfolios.
		Accordingly, therefore, property fund management is a significant industry involving a very large number of individual properties for which the use of generic software packages to perform valuation, forecasting, modelling, monitoring, measuring, benchmarking and market analysis are fundamental for effective property portfolio management.
		The survey of property fund managers undertaken for and funded by the CRC CI clearly establishes that generic software packages are a significant element in the property portfolio management process for the A$163 billion Australian property fund management industry.
	www.avo.gov.au /ASurveyOfPropertyFundManagers.htm (3741 words)

	Why Fund Managers Risk Too Much
		In other words, fund managers are not punished appropriately for gambling with their clients' money because most investors remain faithful to a fund when it underperforms.
		Far too many fund managers rely on indexes and try to beat them, but what should really matter to investors is whether their fund manager is staying within the bounds of the fund's risk profile (and possibly having some form of explicit loss control).
		Most managers are measured by returns in relation to an index (an average of a large number of shares) or a group of similar funds.
	investopedia.com /articles/mutualfund/06/fundrisk.asp (1330 words)

	Fund Managers Raising the Ante in Philanthropy
		Because fund managers tend to be young and not yet wedded to a cause, boards of nonprofits see them as a natural target.
		Several money managers, many of them hedge fund managers, are invited to share an investment idea with the audience, like a stock to buy or to bet against, or a trend in the economy.
		While most fund managers are not yet emblazoning their names on hospital pavilions, they have great influence over the charities they choose.
	www.witness.org /forum/index.php/topic,118.0.html (1837 words)

	Wall $treet Week with FORTUNE . In the News \| PBS
		If his fund fails to beat the S&P 500, his 1 percent management fee is halved as it has been for the last three years.
		Fund managers note it’s difficult to outperform the S&P 500 because it’s a very efficient index; however, the Russell 2000 should be easier to beat, even for a mediocre fund manager.
		A portfolio manager that made big bets in 1999 pocketed enough to retire for life, but investors were left holding the losses in later years.
	www.pbs.org /wsw/news/featurestory_20030513.html (1341 words)

	Harbourvest Partners, LLC - For Fund Managers
		Fund managers at venture capital, buyout, and other private equity firms throughout the world look to us as a blue-chip source of funding as well as for strategic advice and valuable connections.
		We invest in managers throughout the private equity spectrum, including small, medium, and large buyout partnerships, venture fund managers that specialize in seed, early stage, later stage growth or balanced investments, and mezzanine and distressed debt partnerships.
		Since many private equity managers raise funds every three to four years, we follow the same cycle with the goal of including top performing fund managers in our investment programs.
	www.harbourvest.com /for_fund_managers.htm (442 words)

	Faithless Fund Managers [Fool.com] August 23, 2006 (Site not responding. Last check: )
		We encourage all partners, but portfolio managers especially, to hold shares of the Funds (or other mutual funds managed by a portfolio manager) as their primary method of investing in stocks.
		Managers who eat their own cooking are a positive sign, but their investment may not necessarily be what it seems.
		A fund manager might have $100,000 invested in a fund, but if he or she is a multimillionaire with lots of other investments, he or she may have a smaller percentage of overall net worth invested than you do.
	www.fool.com /news/commentary/2006/commentary06082306.htm (1087 words)

	Fund managers feel fear - May. 18, 2004
		A net eighty-six percent of the fund managers surveyed by the firm in the second week of May expect inflation to rise in the next 12 months, Merrill said.
		Fund managers are most worried about the potential for an economic slowdown in China, along with higher oil prices and geopolitical strife.
		Managers trimmed their equity allocation to 52 percent from 55 percent in April and raised their cash allocation to 4.5 percent from 3.8 percent in April.
	money.cnn.com /2004/05/18/markets/fund_managers/index.htm (1055 words)

	Say 'no' to star fund managers!
		And when the star fund manager decides to quit the present fund house in search of greener pastures (which is a common occurrence in the mutual fund industry), he takes the "performance" with him.
		The exit of any fund manager is unlikely to have a significant bearing on the performance of funds as he can be easily be replaced by another fund manager.
		If the advisor starts quoting the name of a fund manager and elucidating how he has a wonderful track record of delivering superlative performances and his experience in various fund houses, there's more than a fair chance that you are being recommended a scheme managed by a star fund manager.
	www.rediff.com /money/2007/sep/05perfin1.htm (763 words)

	Pro-Cyclical Stance Unsupported by Macro View
		Nearly a quarter of managers favour overweighting Japanese stocks over the next year and a net 19% of fund managers would like to overweight GEM equities during the same period.
		Nearly half of fund managers would like excess corporate cash to be returned to shareholders in the form of share buybacks and higher dividends.
		A total of 302 fund managers participated in the global and regional surveys from March 4 to March 10.
	www.ml.com /index.asp?id=7695_7696_8149_46028_46688_47167 (805 words)

	Get Free Stock Tips From Fund Managers
		Regrettably, most mutual fund managers don’t publish their holdings in a timely manner for fear of letting the competition in on their thinking.
		It’s faster to use the ticker symbols, which are VGENX for the energy fund and VGHCX for the healthcare fund.
		While it’s true that most funds post their top holdings on their websites, the data is usually too out of date to be of use.
	www.winninginvesting.com /spy_on_fund_managers.htm (1615 words)

	Fund Manager
		Fund managers are paid a fee for their work, which is a percentage of the fund's average assets under management.
		The individuals involved in fund management (mutual, pension, trust funds or hedge funds) must have a high level of educational and professional credentials and appropriate investment managerial experience to qualify for this position.
		Therefore, the quality of the fund manager is one of the key factors to consider when analyzing the investment quality of any particular fund.
	www.investopedia.com /terms/f/fundmanager.asp (472 words)

	Fund Managers
		Super fund members wanted a roughly 50/50 split between shares and property while fund managers typically favoured a 5:1 ratio of shares to property.
		Since 1999, however, property has performed better than shares and the fund members would be ahead if fund managers used the allocation preferred by members rather than their “expert” mix weighted towards shares rather than property.
		Thus, fund members have every reason to question the performance of fund managers – they have subtracted, rather than added, value over the 13 year period.
	www.foreseechange.com /fundmanagers.htm (745 words)

	Fund managers see greater risk of recession: Merrill survey - MarketWatch
		The number of fund managers taking lower-than-normal risk relative to their benchmark rose to 36% in January, from 34% in December, the survey showed.
		Short-term interest rates are set to fall within twelve months, according to fund managers polled, with a net 70% expecting lower short-term rates in twelve months, up from 63% holding this view in December.
		Fund managers underweight U.S. equities rose to a net 25% in January from 7% a month earlier, but down from November's 32% level.
	www.marketwatch.com /news/story/fund-managers-see-greater-risk/story.aspx?guid={4FB2DBFD-7913-4F69-AC5B-6357890F22F4} (840 words)

	Baird Fund Managers-Baird Advisors, BIM
		Edwards co-manages the MidCap Fund and SmallCap Fund.
		Morgan co-manages the LargeCap Fund and MidCap Fund.
		He is a Managing Director and Senior Portfolio Manager of the Advisor and Chief Investment Officer of Baird Investment Management.
	www.rwbaird.com /assetmanagement/fr3_am_bf_fundmanagers.aspx (1089 words)

	Fund managers overwhelmingly expect Bush re-election - Sep. 14, 2004
		Fund managers' outlook on the economy, corporate profits and global stock performance improved slightly in September, and Merrill Lynch suggested this may have been due in part to their changed expectations about the election.
		This outlook was slightly cheerier than August's survey, when 53 percent of fund managers thought the economy would weaken, but was still noticeably more pessimistic than in June, when 38 percent of managers expected a weaker economy.
		Federal Reserve policy-makers are scheduled to meet next Tuesday and are widely expected to raise their target for the fed funds rate, a key overnight lending rate, a quarter percentage point to 1.75 percent.
	money.cnn.com /2004/09/14/markets/fund_managers/index.htm (749 words)

	Fund Managers
		Going back to 1970, fund managers were scared of stocks and therefore held more than 9.5% of their funds in cash roughly 20% of the time.
		On average, when fund managers had more than 9.5% of the fund's assets in cash, the stock market was up by an astounding 18% just 12 months later.
		It should be obvious… Fund managers are holding less cash as a percentage of their assets than they have in the last 30 years.
	www.investmentu.com /IUEL/2005/20050805.html (1436 words)

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