Customer Reviews

The Mutual Fund Business

5 star:		(5)
4 star:		(1)
3 star:		(1)
2 star:		(1)
1 star:		(6)

 

 

The great thing about Pozen's book is that it clarifies a lot of difficult subjects in the mutual fund area. The book is comprehensive but it is especially good on thoroughly demystifying:
(1) The different channels of distribution of mutual funds (direct, captured brokerage, independent brokerage, investment advisors, 401-k, etc.)
(2) The different service providers for each mutual fund (investment advisor, transfer agent, underwriter, distributors, accountant, etc.)
(3) The different types of mutual funds (investment styles, classes A, B, C, R, I,etc., fee structures -- 12b-1, fund end, back end, etc.)
(4) The structure and operation of mutual fund complexes
(5) The structure of the whole industry (incentives of different players, valuation of mutual fund complexes, etc.)
(6) Regulation and taxation.

These subjects are opaque to even long term observers of the mutual fund industry. But Pozen is uniquely positioned to write a clarifying book like this because he is a Phd in Economics, a career finance industry lawyer and the ex-head of Fidelity.

Pozen's book is the best so far on mutual funds. Its only close rival is Lee Gremillion's excellent book 'A Purely American Invention', but read Pozen's book first. Pozen's writing is clear, thought provoking and covers all facets of mutual funds as products and as an industry.

I am a Finance Professor at Dartmouth College and I teach and research mutual funds. I unreservedly commend this second edition of Pozen's book to anyone who wants a deep understanding of the mutual fund industry.

It's unfortunate that there aren't very many titles available on the specifics of the mutual funds industry. This book is the one-eyed man in the land of the blind... if someone writes an alternative, this book will move to the dustbin. It is nothing but a cut and paste effort. Less than 10% of the content came from Pozen's word processor; the remainder was constructed with a Xerox machine and an exacto knife. And it is priced like an expensive textbook. A reader who is interested in this industry would be better off with an internet search engine and a few copies of Kiplinger's Mutual Funds magazine.

Bob Pozen's book is a carefully written introduction to the mutual fund industry. The book is particularly helpful in understanding the institutional aspect of the industry. The cases are an invaluable source for in-class discussion.

This version of The Mutual Fund Business is excellent. It not only gives a complete and thorough overview of the business as a whole, but also provides detailed case studies and quantitative exercises to supplement each chapter. Whether looking at the business from the viewpoint of regulation or investment, there is ample information providing a detailed look at both aspects. I especially liked the detail discussing the measurement of fund performance through the analysis of peer groups and indexes. The introductory chapters are excellent for a general overview and the later chapters touch on every aspect of the business, including servicing of shareholders and advertising. The discussion of retirment accounts and the mutual fund business is very interesting and is up to date with the new legislation being passed. The readings and "callout boxes" in each chapter are a great asset in supplementing the information provided in the chapters. ...

If you're interested what this book covers, there is a new book you should consider. Gremillion's book "A Purely American Invention: the U.S. Mutual Fund Industry" is several years newer, and much better written.

Robert Pozen provides a thorough analysis of all aspects of how mutual funds operate. This book is relevant to people regardless of their financial sophistication, providing both the basics and the details. The text covers trading, asset management, marketing as well as providing useful case studies to apply concepts. Overall, an excellent resource.

This book is carefully written by the former vice chairman of Fidelity Investments who had responsibility for $1 trillion in assets and now serves as the Lecturer at Harvard University, Kennedy School. With useful case study at the end of each chapter, this book covers all aspects of mutual fund business in terms of portfolio management, brokerage transactions, and its financial dynamics etc. both in the domestic and international contexts, featuring the trend in the past as well as near term future. I strongly recommend this book for everyone who seeks not only mutual fund business but also i-banking and other financial sector.

It is amazing that there aren't a lot of books covering the strategic issues of the money management industry. Therefore the title fills certainly a gap. A lot of issues related to investment management are tackled, moreover even the most recent developments in the money management industry are covered (internet distribution etc.). Nevertheless, for a university level text the subject is not treated with the appropriate technical detail. It is more a collection of unrelated case studies. What's also lacking is a bibliography and an adequate statistical appendix. Nevertheless I enjoyed reading about the latest industry developments. A must for people working in the industry and for students interested in learning about the practical issues of the mutual fund business.

You don't buy a mutual fund book expecting excitement, but this book is dull even for a text. It's a series of disjointed lectures and pieces that, cobbled together, might have made for an interesting class when you could interact with the author. In this format, it's dry and boring. It's certainly not for the average guy looking to learn about funds and the fund business (it talks over that person's head), but it's little more than a refresher for anyone who is knowledgeable about funds.

I must, sadly, agree with the Reader from London's comments. This book is best viewed as a textbook for an overview course in mutual funds. However, it principally consists of material written by other contributors, not Mr. Pozen. And it is full of articles, exhibits, and (rather poorly generated, Lotus 1-2-3 quality) graphics. I'm not sure how useful it would be without a very good professor to guide a student through the book; on its own, it is difficult to follow. With his weighty professional responsibilities, it can only be concluded that this was a part-time effort by Mr. Pozen. The problem is: It Shows.