The new brains behind the operation at USAA Emerging Markets are the fund managers at Lazard Asset Management, Brandes Investment Partners and Victory Capital Management.
Like most mutual fund value managers, IMS Capital Management's Carl Marker is alert for corporate stumbles.
Trading, by its nature, is active management and index fund managers did a lot of trading just to stay in the game.
However, many fund managers like Christopher James of Kleinwort Benson Investment Management believe things may soon improve.
Drawing on Warren Buffett's observation that it cannot be a coincidence that a group of investors taught by Benjamin Graham can make above average returns, Mr Mallaby presents original research on the performance of a group of fund managers who worked with Julian Robertson at Tiger Management, and similarly reveals superior returns.
After you have paid a 15% government tax (30% for high earners) on contributions, fund managers then take their commission and extract an annual management fee for the privilege of managing your money.
The Chilean system has given a boost to the country's fund-management industry, and subsidiaries of American fund managers have captured as much as a third of that new market, according to Celfin, a local subsidiary of Salomon Brothers.
Meanwhile, Mack has emphasized the firm's investment bank and asset management areas, striking several deals to acquire hedge fund managers, for example.
Besides a 20% cut of profits, most managers also charge a 1% management fee whether the fund makes a profit or not.
Also, fund managers might seek to shun a reputation for intervening in companies' management if they thought it might lose them pensions business in the long run.
ECONOMIST: Institutional investors in Britain: Throwing the book at them | The
In the fight for market share, fund-management houses have sometimes been forced to rein in their fund managers to make themselves more attractive to the advisers.
Trust-company managers, fund executives and analysts say China's four asset-management corporations have emerged as by far the biggest players in the distressed property market, and without their involvement trusts would be short the cash they need to repay investors by a lot.
Since fund managers make their money by charging a percentage fee based on the assets under management, profits rise rapidly with each additional dollar that comes in the door.
The fund managers rely on research, market forecasting, and the experience and expertise of their portfolio management team.
Jonathan Harris, president of Alternative Investment Management LLC, a New York-based investment-management firm that allocates money to hedge funds, says he asks prospective fund managers to break out the list of expenses listed in the investor documents.
Looking at the decline in total assets under management, equity assets are currently at about beginning-of-year levels, indicating that while many equity markets have not provided negative returns for the year, dedicated emerging market equity fund managers may have lightened up in their positioning to account for this retreat in assets under management.
This matters more and more: a binge of cross-border takeovers has blurred the national identities of fund-management firms, and investors these days look all over the world when choosing money managers.
Malkiel was in essence embracing the efficient markets theory that says fund managers as a group cannot outperform the market, so investors who pay big commissions and other management expenses are cheating themselves.
David Tepper, founder of Appaloosa Management, returned 30% for 2012, making him one of the top-performing hedge fund managers last year.
FORBES: Einhorn and Tepper's Top Holding Apple Near Year Low and Less Than Their Purchase Price
Managers began to use less internal leverage following the infamous blowup of the Long Term Capital Management hedge fund in 1999, although that has been edging back up in recent years.
For fund-management companies, it's an ideal solution to the growing problem of brain drain, as top managers leave to start their own shops.
应用推荐