A Purely American Invention: The U.S. Open-End Mutual Fund Industry [Paperback]

Lee Gremillion (Author)

Book Description

ISBN-10: 0970584504 | ISBN-13: 978-0970584502 | Publication Date: November 27, 2000

A Purely American Invention: The U.S. Open-End Mutual Fund Industry targets the needs of three audiences. First, it seeks to help mutual fund industry employees who wish to gain an understanding of both the breadth of fund operations and the context in which they are performed. Many industry members know only a limited subset of mutual fund functions- because they are new to the industry, or because their experience has been limited to a narrow functional area.

Business students studying the mutual fund industry form the second target audience. The mutual fund industry has grown in size andimportance to a point where mutual fund operations are taught as a subject in both undergratduate and MBA curricula. This book serves as a text book for such courses, laying out for students what fund companies do, what their management functions and issues are, and how they evolved to their present form.

Finally, this book is for the general reader, perhaps him- or herself a mutual fund investor, who seeks to understand more about the industry. Many individuals, when face with an unfamiliar phenomenon, naturally ask the question, "How does this thing work?" This book is intended for those whose curiosity prompts them to ask this question about mutual funds and the U.S. open-end fund industry.

Editorial Reviews

About the Author

Lee Gremillion is a partner with PricwaterhouseCoopers LLP, where he leads the Investment Management and Securities Operations consulting group in the Midwest. His practice focuses on operations and systems within investment industry organizations such as mutual funds, insurance companies, investment managers, pension administrators, and banks. He earned a doctoral degree from the Harvard Business School, and has been a professor of Management Information Systems at Indiana University and Boston University. Prior to joining PricewaterhouseCoopers, he worked for IBM and The Colonial Group. Dr. Gremillion has been an active member of NICSA for almost ten years.

Product Details

• Paperback: 365 pages
• Publisher: Natl Investment Co Service Co (November 27, 2000)
• Language: English
• ISBN-10: 0970584504
• ISBN-13: 978-0970584502
• Product Dimensions: 8.9 x 7.5 x 0.9 inches
• Shipping Weight: 1.4 pounds
• Average Customer Review: 5.0 out of 5 stars  See all reviews (5 customer reviews)
• Amazon Best Sellers Rank: #881,185 in Books (See Top 100 in Books)

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Customer Reviews

Most Helpful Customer Reviews

18 of 19 people found the following review helpful:

5.0 out of 5 stars An A to Z look at the mutual fund industry, December 27, 2000

By A Customer

This review is from: A Purely American Invention: The U.S. Open-End Mutual Fund Industry (Paperback)

Ever since I began work in the mutual fund industry six years ago, I've looked for books that would increase my understanding of the industry. Many books tell you how to invest in mutual funds and a couple attempt to describe (but in my view unsuccessfully) how the industry works. This week I found and read Gremillion's book on mutual funds. And I was amazed. It's all there. History of the industry, the laws that affect it, how funds are manufactured and distributed, e-business and a lot more. I really enjoyed reading the author's impartial discussion of industry issues like the debate over fees and expenses, active vs. passive management, and the state of the market.

Gremillion's clear and concise writing makes his book an interesting and easy read. Too bad it wasn't available when I was in college.

5 of 6 people found the following review helpful:

5.0 out of 5 stars A Must-Read for any Mutual Fund Investor!, December 14, 2000

By A Customer

This review is from: A Purely American Invention: The U.S. Open-End Mutual Fund Industry (Paperback)

A thoughtful, well-written, unbiased examination of the mutual fund industry, from an insider's perspective. This book is a good investment for anyone with any connection to mutual funds - from studying or working in the industry to being a mutual fund investor. You'll learn more than the industry itself wants you to know about how funds are managed and administered. Mr. Gremillion keeps a potentially dry subject entertaining with interviews and anecdotes, and his "plain-English" writing style makes the book very easy to read - no technical knowledge required!

4 of 5 people found the following review helpful:

5.0 out of 5 stars Well written, even-handed, and packed with information, December 18, 2000

By 

April Lawhon (Columbia, SC) - See all my reviews

This review is from: A Purely American Invention: The U.S. Open-End Mutual Fund Industry (Paperback)

This book is written in a clear, non-academic, and easy-to-follow style. And even though he generally speaks well of the industry, the author does not sugar-coat it. A number of illustrative anecdotes (the book is full of these) describe less than exemplary behavior, such as how one Minneapolis money manager ran his funds into the ground speculating on interest rate movements.

The book is full of data as well. For example, the author doesn't just tell about how much a few star portfolio managers get in compensation. When he discusses what investment managers get paid, he includes the results from an industry survey that show averages and ranges for a variety of positions. John Bogle appropriately calls the book "authoritative" in his foreword.