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Mutual Fund Industry Handbook: A Comprehensive Guide for Investment Professionals


Praise for the Mutual Fund Industry Handbook

"The Mutual Fund Industry Handbook is a remarkably important work . . . I am profoundly impressed by the broad and comprehensive sweep of information and knowledge that this book makes available to industry participants, college and business school students, and anyone else with a serious interest in this industry."
—From the Foreword by John C. Bogle President, Bogle Financial Markets Research Center Founder and former chief executive, The Vanguard Group

A Foreword by John C. Bogle, founder of The Vanguard Group and one of the most respected leaders in the mutual fund industry, sets the stage for this authoritative book that explains the complexities of the phenomenal industry in simple terms.

Investors like the fact that mutual funds offer professional management, easy diversification, liquidity, convenience, a wide range of investment choices, and regulatory protection. Mutual Fund Industry Handbook touches on all of those features, but it also focuses on the diverse functions performed in the day-to-day operations of the mutual fund industry. You'll learn about:

  • Front-office functions—analysis, buying, and selling
  • Back-office functions, including settlement, custody, accounting, and reporting
  • Commission structures—front-end loads, back-end loads, or level loads
  • The various fund categories used by the Investment Company Institute, Morningstar, and Lipper
  • The roles played by fund managers, investment advisors, custodial banks, distributors, transfer agents, and other third-party service providers

If you want a definitive reference on the mutual fund industry, this is the book for you.

LEE GREMILLION is a former partner at PricewaterhouseCoopers where he provided operations and systems expertise to many U.S. mutual funds, insurance companies, investment managers, pension administrators, and banks.¿ He earned a doctoral degree from Harvard Business School and was professor of management information systems at Indiana University and Boston University. Dr. Gremillion worked for IBM and The Colonial Group, Inc., before joining PricewaterhouseCoopers.

THE BOSTON INSTITUTE OF FINANCE (BIF) ( develops and distributes multimedia and interactive learning solutions for professionals in the financial services industry. BIF possesses the largest digital repository of training material in the industry and manages the certification and training programs of thousands of corporate and individual learners in the United States and around the world.

THE NATIONAL INVESTMENT COMPANY SERVICE ASSOCIATION (NICSA) is a not-for-profit trade association serving the operations sector of the mutual fund industry worldwide. NICSA provides leadership, education programs, and information exchanges to its members, which consists of over 400 companies worldwide.



Chapter 1: Introduction to the Industry.

Chapter 2: A Brief History of Mutual Funds in the United States.

Chapter 3: Overview of Industry Structure.

Chapter 4: The Mutual Fund—Product Definition.

Chapter 5: The Investment Management Front Office.

Chapter 6: The Investment Management Back Office.

Chapter 7: Fund Accounting, Audit, Legal, and Other Support Functions.

Chapter 8: Fund Distribution: The Broker Channel.

Chapter 9: The Direct, Bank, and Institutional Channels.

Chapter 10: Cross-Channel Issues: Advertising and Retirement Investing.

Chapter 11: The Transfer Agent, Part 1—Shareholder Record Keeping.

Chapter 12: The Transfer Agent, Part 2—Customer Service.

Chapter 13: Other Service Providers.

Chapter 14: Going Abroad: Open-End Funds Outside the United States.

Chapter 15: Going Forward: Issues and Challenges.