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Über dieses Buch

This book provides insight into the multi-dimensional process of coordinating and supervising mutual funds. This book focuses on the management of mutual funds within financial markets, with an emphasis on how corporate governance and benchmarking influence asset and portfolio management. Chapters explore four important aspects of this process in particular detail: corporate governance, benchmarking, asset management and portfolio management. The author shows that the mutual fund industry provides wider access to payment systems and to a savings safety-net that operates similarly to deposit insurance. Furthermore, he demonstrates that the Indian government’s focus is on establishing the right of every person to have access to affordable basic financial services offered by banks and non-banks.



1. Introduction

The management of mutual funds is a multidimensional idea. It can be understood in relation to the four pillars of mutual funds: corporate governance, benchmarking, asset management and portfolio management, in addition to the active role of the fund manager. The concept of mutual funds was conceived to pool the resources of small investors and deploy them in the capital markets to help industrialization, through participation in equity and debt instruments. The mutual fund industry imparts formal identity, provides access to the payments system and to safety net-like savings deposit insurance. More recently, the focus of the Indian government has been on establishing the basic right of every person to have access to affordable basic financial services offered by banking and non-banking companies.
G. V. Satya Sekhar

2. Review of Literature

The fundamental aim of this chapter is to understand the management of mutual funds in the following areas:
G. V. Satya Sekhar

3. Corporate Governance

This chapter focuses on corporate governance issues in the mutual fund industry. Good corporate governance addresses the principles of the relationship between government and public enterprise and creates the fundamental pillars on which the governing board bases its effectiveness.
G. V. Satya Sekhar

4. Benchmarking

This chapter focuses on benchmarking in the mutual fund industry. Benchmarking is a tool that is used to judge the performance of mutual funds against a “standard” or “benchmark” decided for the particular scheme. The benchmark fund varies according to the nature of fund and the decisions made by the manager of the asset management company (AMC) of the respective scheme/fund.
G. V. Satya Sekhar

5. Asset Management

Every mutual fund organization must have an asset management company (AMC), which plays a vital role in market fluctuations. The assets accumulated by mutual fund organizations are looked after by the AMC. The assets have to be deployed in the market to gain returns that are passed on to the investors as competition in the industry stiffens. There is huge pressure on the fund managers to beat competitors and their benchmarks. Managing all this is a huge workload for a fund manager.
G. V. Satya Sekhar

6. Portfolio Management

Portfolio management refers to the process of selecting various avenues of investment for a better yield on investment. Individual investors invest in mutual funds with a view to achieving good returns. Hence, the fund manager should act according to market fluctuations while selecting the portfolio of the respective fund/scheme.
G. V. Satya Sekhar

7. Role of the Fund Manager

A fund manager’s success depends on investment activity based upon his knowledge and ability to invest the right amount, in the right type of investment, at the right time. In the present dynamic global environment, exploring investment avenues is of great relevance. Management style of mutual funds is developed over a period of time and is considerably influenced by experience and spadework.
G. V. Satya Sekhar


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