1.INDUSTRY OVERVIEW
Global Recession Wipes Substantial Wealth off Mutual Funds
Table 1: Global Mutual Funds Market (2006-2012): Assets Under Management in US$ Billion by Region/Country – USA, Canada, Japan, Europe, Asia-Pacific (excluding Japan), Latin America, and Rest of World
Table 2: Global Mutual Funds Market (2007 & 2008): Breakdown of Assets Under Management in US$ Billion by Fund Class – Equity Funds, Money Market Funds, Bond Funds, Mixed/Balanced Funds, and Others
Money Market Mutual Funds Witness Growth During Downturn
Cash Inflows in Equity, Hybrid and Bond Funds Begin to Gain Momentum
2.MARKET TRENDS
Distribution Channel – An Indicator of Market State
Open-Architecture System Becoming a Norm in the Industry
Packaged Solutions Gaining Prominence
Increase in Risk Appetite Surges Demand for Non-Traditional Products
3.PRODUCT OVERVIEW
Mutual Funds
Types of Mutual Funds
Equity Funds
Bond Funds
Hybrid or Balanced Funds
Money Market Funds
Fund of Funds
4.PRODUCT/SERVICE LAUNCHES
5.MERGERS AND ACQUISITIONS
6.STRATEGIC CORPORATE DEVELOPMENTS
A REGIONAL PERSPECTIVE
1.THE UNITED STATES
Downturn Plummets Mutual Fund Assets
Table 3: Mutual Funds Market in the US (2006-2012): Assets Under Management in US$ Billion
Table 4: Mutual Funds Market in the US (2006-2009): Assets Under Management in US$ Billion by Fund Class – Equity Funds, Money Market Funds, Bond Funds and Hybrid Funds
Money Market Funds – The Savior During Crisis
Long-Term Funds Regain Momentum
Number of Registered Investment Companies On the Rise
Table 5: Mutual Funds Market in the US (2004-2008): Number of Registered Investment Companies by Year
Mutual Funds Lead in Assets of Investment Companies
Table 6: Mutual Funds Market in the US (2008): Percentage Breakdown of Investments in Money, Stock and Bond Market by Investment Source – Mutual Funds, Other Investment Companies, and Others
Mutual Funds Gaining Prominence at the Expense of Direct Investments
Individual Accounts Lead the Fray
Table 7: Mutual Funds Market in the US (2004-2008): Percentage Breakdown of Net Mutual Fund Assets by Account Type – Individual and Institutional
Table 8: Mutual Funds Market in the US (2003-2008): Percentage Breakdown of Net Mutual Fund Value Assets of Institutional Accounts by Institution Type – Businesses, Financial Institution, and Non-Profit Organizations and Others
Institutional Investors Increasingly Relying on Mutual Funds
Large AMCs to Continue Dominance in the Market
Table 9: Mutual Funds Market in the US (2008): Percentage Breakdown of Households That Own Mutual Fund Ranked by Source
Table 10: Mutual Funds Market in the US (2008): Percentage Breakdown by Purchase Channel – Inside Employer-Sponsored Retirement Plans; and Outside Employer-Sponsored Retirement Plans [Sales Force (Full-Service Broker, Independent Financial Planner, Bank or Savings Institution Representative, Insurance Agent, and Accountant); and Direct Market (Mutual Fund Company Directly, and Discount Broker)
Table 11: An Insight into Select Financial Objective for Investing in Mutual Funds (2008)
Tracking the Demographic Pattern
Table 12: Mutual Funds Market in the US (2001-2008): Breakdown of Mutual Funds in Million by Type – Households and Individual Investors
Table 13: Mutual Funds Market in the US (2005-2008): Percentage Breakdown of Mutual Fund Ownership Based on Household Income – Less than US$25,000; US$25,000 to US$49, 999; US$50,000 to US$99,999; US$100, 000 to US$199,999; and US$200, 000 or more
Table 14: Mutual Funds Market in the US (2008): Percentage Breakdown of Households that Own Mutual Funds by Age Group – 65 Years +, 55-64 Years, 54-45 Years, 44-35 Years, and Below 35 years
Table 15: Mutual Funds Market in the US (2008): Percentage Breakdown of Households that Own Mutual Funds by Generation – Baby Boom, Gen-Xers & Yers, and Silent and GI
Table 16: Mutual Funds Market in the US (2008): Percentage Breakdown of Households Mutual Fund Assets by Generation - Baby Boom Generation, Silent and GI Generation and Gen Xers & Yers
A Historical Perspective
2.CANADA
Market Overview
Table 17: Leading Mutual Fund Managers in Canada (2008): Percentage Breakdown of Assets Under Management for RBC Asset Management and Phillips Hager & North, IGM Financial, TD Asset Management, CIBC Asset Management, Fidelity Investments Canada ULC, BMO Financial Group, Invesco Trimark, AGF Funds, Franklin Templeton, Dynamic Funds, and Others
Market Shows Signs of Recovery
Table 18: Mutual Funds Market in Canada (2006-2012): Assets Under Management in US$ Billion
Table 19: Mutual Funds Market in Canada (2009): Breakdown of Assets Under Management (in US$ Billion) by Month
Long Term Funds Gaining Prominence – Money Market Funds Losing Ground
A Review of the Recent Past
Historical Perspective
3.JAPAN
Market Overview
Table 20: Mutual Funds Market in Japan (2006-2012): Assets Under Management in US$ Billion
Retail Funds Beginning to Witness Net Inflows
A Review of the Recent Past
Table 21: Mutual Funds Market in Japan (2002 & 2007): Percentage Breakdown of Assets Under Management by Fund Class – Stock Funds, Bond Funds, and Money Market Funds
Table 22: Mutual Funds Market in Japan (2007): Percentage Breakdown of Assets Under Management by Type of Parent Company – Securities Firms, Banks, Foreign Firms, Insurance Firms, and Independent Firms
4.EUROPE
Industry Overview
Table 23: Mutual Funds Market in Europe (2006-2012): Breakdown of Assets Under Management in US$ Billion by Region/Country – Luxembourg, France, Ireland, UK, Spain, Italy, Germany, and Rest of Europe
4a.FINLAND
Market Overview
Table 24: Leading Fund Management Companies in Finland (2009): Percentage Breakdown of Net Asset Value of Managed Mutual Fund for Nordea Investment Fund Company Finland Ltd., OP Fund Management Company Ltd., Sampo Fund Management Ltd., SEB Gyllenberg Fund Management Company Ltd., Evli Fund Management Company Ltd., Aktia Fund Management Company Ltd., Handelsbanken Mutual Fund Company Ltd., Tapiola Asset Management Ltd., FIM Asset Management Ltd., Alfred Berg Funds Ltd., and Others
Table 25: Mutual Funds Market in Finland (2006-2008): Percentage Breakdown of Market Capital of Mutual Funds by Fund Class – Equity Funds, Money Market Funds, Bond Funds, Asset Allocation Funds, and Others
4b.FRANCE
Market Overview
Structure of Mutual Funds Market
Regulatory Reforms
4c.HUNGARY
Market Overview
Regulatory Amendments
4d.ITALY
Market Overview
Bond Funds Lead the Suite
Table 26: Mutual Funds Market in Italy (2007-2009): Percentage Breakdown of Mutual Fund Assets by Fund Class – Bond Funds, Money Market Funds, Equity Funds, Flexible Funds, Hedge Funds, and Mixed Funds
Competitive Scenario
Table 27: Leading Mutual Funds Groups in Italy (2008): Percentage Breakdown of Assets Under Management for Intesa Sanpaolo, Pioneer Investment, Arca, UBI Banca, Cridit Agricole, and Others
Table 28: Leading Mutual Fund Groups in Italy (2008): Percentage Breakdown of Number of Registered Mutual Funds for Intesa Sanpaolo, Cridit Agricole, Pioneer Investment, BNP Paribas, Gruppo Banca Popolare, Mediolanum, UBI Banca, Assicurazioni Generali, Monte Paschi di Siena, Arca, and Others
Table 29: Mutual Funds Market in Italy (2008): Percentage Breakdown of Number of Registered Mutual Funds by Fund Class – Equity Funds, Bond Funds, Money Market Funds, Hedge Funds, Balanced Funds, and Flexible Funds
4e.LUXEMBOURG
Market Overview
Fund Managers Face Significant Challenges
4f.NORWAY
Market Overview
Table 30: Mutual Funds Market in Norway (2007 & 2008): Percentage Breakdown of Mutual Fund Shares Capital by Fund Class – Equity Funds, Hybrid Funds, Bond Funds, and Money Market Funds
Table 31: Mutual Funds Market in Norway (2008 & 2009): Percentage Breakdown of Mutual Fund Capital by Sector – Life Insurance Firms, Households, Mutual Funds, Local Government and Municipal Enterprises, Other Private Non-Financial Corporations, Rest of World, and Others
4g.POLAND
Market Overview
Table 32: Mutual Funds Market in Poland (2006-2008): Assets Under Management in US$ Billion
Table 33: Mutual Funds Market in Poland (2008): Percentage Breakdown of Mutual Funds Assets by Fund Class – Equity Funds, Balanced Funds, Stable Growth Funds, Bond Funds, Money Market Funds, and Others
Competitive Scenario
Table 34: Leading Mutual Fund Managers in Poland (2008): Percentage Breakdown of Net Assets Under Management for Pioneer Pekao TFI, Bank Zachodni WBK AIB TFI, PKO TFI, ING TFI, BPH TFI, KBC TFI, Skarbiec TFI, Legg Mason TFI, Union Investment TFI, Millennium TFI, and Others
4h.RUSSIA
Market Succumbs to Global Recession, Albeit to a Lesser Extent
Table 35: Mutual Funds Market in Russia (2007): Percentage Breakdown of Number of Mutual Funds by Fund Class – Open- Ended Funds, Close-Ended Funds, and Interval Funds
Competitive Scenario
Table 36: Leading Open Mutual Funds in Russia (2007): Percentage Breakdown of Net Asset Value for Troika Dialog, UralSib, Alfa Capital, UK Bank Moskvy, KIT Fortis Investment, and Others
4i.SPAIN
Market Overview
Table 37: Mutual Funds Market in Spain (2008*): Percentage Breakdown of Net Assets Under Management by Fund Manager – Banco Santander, Banco Bilbao Vizcaya Argentaria, la Caixa, Ahorro Corporacion, Banco Popular, Caja Madrid, Banco Sabadell, Bankinter, Barclays (UK), Ibercaja, and Others
Table 38: Mutual Funds Market in Spain (2008): Percentage Breakdown of Number of Mutual Funds by Fund Manager – Banco Santander, Ahorro Corporacion, Banco Bilbao Vizcaya Argentaria, la Caixa, Caja Madrid, Banco Sabadell, Banco Popular, Bankinter, Ibercaja, Barclays (UK), and Others
4j.SWITZERLAND
Market Overview
Table 39: Mutual Funds Market in Switzerland (2007 & 2008): Percentage Breakdown of Assets Under Management by Fund Class – Equity Funds, Fixed-Interest Funds, Mixed- Asset Funds, Money-Market Funds, Real-Estate Funds, and Others
Table 40: Mutual Funds Market in Switzerland (2007): Percentage Breakdown of Number of Mutual Funds by Fund Class – Equity Funds, Fixed-Interest Funds, Mixed-Asset Funds, Money-Market Funds, Real-Estate Funds, and Others
Table 41: Leading Mutual Fund Managers in Switzerland (2007): Percentage Breakdown of Net Assets for UBS, Credit Suisse Group, Pictet & Cie, Swisscanto, Julius Baer, Lombard Odier Darier Hentsch & Cie, Clariden Leu, Zurich Cantonal Bank, Banque Syz, Vontobel, and Others
5.ASIA-PACIFIC
Industry Overview
Table 42: Mutual Funds Market in Asia-Pacific (2006-2012): Assets Under Management in US$ Billion
5a.CHINA
Market Overview
Regulatory Amendments – A Step Towards Liberalizing Norms
Table 43: Leading Fund Managers in China (2008): Percentage Breakdown of Net Assets Under Management for China Asset Management, Boshi Fund Management, Harvest Fund Management, China Southern Fund Management, E Fund Management, Da Cheng Fund Management, GF Fund Management, Huaan Fund Management, China International Fund Management, Invesco Great Wall Fund Management, and Others
Table 44: Leading Fund Managers in China (2008): Percentage Breakdown of Number of Funds for China Asset Management, Boshi Fund Management, China Southern Fund Management, Da Cheng Fund Management, E Fund Management, Harvest Fund Management, GF Fund Management, Huaan Fund Management, China International Fund Management, Invesco Great Wall Fund Management, and Others
5b.HONG KONG
Market Overview
Table 45: Mutual Funds Market in Hong Kong (2008): Percentage Breakdown of Number of Authorized Mutual Funds by Fund Class – Equity Funds, Bond Funds, Guaranteed Funds, Diversified Funds, Fund of Funds, Index Funds, Money Market Funds, Hedge Funds, and Others
Table 46: Mutual Funds Market in Hong Kong (2007): Percentage Breakdown of Net Asset Value by Fund Class – Equity Funds, Bond Funds, Diversified Funds, Money Market Funds, Index Funds, Fund of Funds, Guaranteed Funds, Hedge Funds, and Others
5c.INDIA
Market Overview
Table 47: Asset Management Market in India (2007): Percentage Breakdown of Household Savings by Category – Bank Deposits, Government Instruments, Insurance Funds, Provident and Pension Funds, Currency, and Mutual Funds
Table 48: Mutual Funds Market in India (2007-2008): Percentage Breakdown of Assets Under Management by Fund Scheme – Debt Schemes, Equity Schemes, Money Market and Liquid Schemes, Balanced Schemes, Equity-Linked Saving Schemes, Gilt-Edged Securities Schemes, and Others
Recession Slays Investor Confidence
Indian Fund Industry Succumbs to Global Recession
Recent Slump Presses Need for Further Improvement in Industry Functioning
Regulatory Regime
A Peek into Select Regulatory Amendments
Market Trends
Mutual Funds Emerge as Preferred Investment Alternative for Investors
Gilt Funds and ETFs Gain Popularity
Global Financial Powerhouses Vying for a Share
Outsourcing Gaining Prominence
Technological Advancements Drive Market Growth
New Product Introductions to Gain Momentum
Competitive Scenario
Table 49: Mutual Funds Market in India (January 2008 & December 2008): Percentage Breakdown of Assets Under Management by Asset Management Company – Reliance Mutual Fund, HDFC Mutual Fund, UTI Mutual Fund, ICICI Prudential Mutual Fund, Birla Mutual Fund, SBI Mutual Fund, Franklin Templeton Investments, Tata Mutual Fund, Kotak Mahindra Mutual Fund, DSP BlackRock Mutual Fund, and Others
Table 50: Mutual Funds Market in India (2008): Breakdown of Leading Balanced Funds in US$ Million by Scheme Name – HDFC Prudence Fund, UTI Balanced Fund, DSP BlackRock Balanced Fund, SBI Magnum Balanced Fund, FT India Balanced Fund, ICICI Prudential Balanced, Tata Balanced Fund, Escorts Opportunities Fund, Birla Sun Life 95, Canara Robeco Balance, HDFC Balanced Fund, Birla Sun Life Balance Fund, Kotak Balance, PRINCIPAL Balanced Fund, and Sundaram BNP Paribas Balanced Fund
Key Statistics
Table 51: Liquid/Money Mutual Funds Market in India (2009): Percentage Breakdown of Assets Under Management and Number of Folios by Investor Type – Corporates, Financial Institutions/Banks, High Networth Individuals, FIIs, and Retail
Table 52: Gilt Mutual Funds Market in India (2009): Percentage Breakdown of Assets Under Management and Number of Folios by Investor Type – Corporates, High Networth Individuals, Retail, and Financial Institutions/Banks
Table 53: Debt Class Mutual Funds Market in India (2009): Percentage Breakdown of Assets Under Management and Number of Folios by Investor Type – Corporates, High Networth Individuals, Retail, Financial Institutions/Banks, and FIIs
Table 54: Equity Class Mutual Funds Market in India (2009): Percentage Breakdown of Assets Under Management and Number of Folios by Investor Type – Retail, High Networth Individuals, Corporates, Financial Institutions/Banks, and FIIs
Table 55: Balanced Mutual Funds Market in India (2009): Percentage Breakdown of Assets Under Management and Number of Folios by Investor Type – Retail, High Networth Individuals, Corporates, Financial Institutions/ Banks, and FIIs
Table 56: Gold Exchange Traded Funds Market in India (2009): Percentage Breakdown of Assets Under Management and Number of Folios by Investor Type – Corporates, Financial Institutions/Banks, FIIs, High Networth Individuals, and Retail
Table 57: Exchange Traded Funds Market in India (2009): Percentage Breakdown of Assets Under Management and Number of Folios by Investor Type – High Networth Individuals, Corporates, FIIs, Retail, and Financial Institutions/Banks
Table 58: Fund of Funds Market in India (2009): Percentage Breakdown of Assets Under Management and Number of Folios by Investor Type – High Networth Individuals, Retail, Corporates, Financial Institutions/ Banks, and FIIs
Table 59: Mutual Funds Market in India (2005-2007): Percentage Breakdown of Assets Under Administration of Indian Distributors by Category – Mutual Funds, Portfolio Management Services, Unit-Linked Insurance Plans, Other Life Insurance Products, and Others
5d.INDONESIA
Market Overview
Regulatory Restrictions Gnawing Growth Prospects
Table 60: Leading Fund Managers in Indonesia (2008): Percentage Breakdown of Assets Under Management for Schroder Investment Mgmt Indonesia, Danatama Makmur Securities, Fortis Investments, Manulife Asset Mgmt Indonesia, Bahana TCW Investment Management, Danareksa Investment Management, Optima Investments, NISP Securities, Trimegah Securities, Sinarmas Securities, and Others
Historical and Recent Past Perspective
5e.PAKISTAN
Market Overview
Table 61: Leading Fund Managers in Pakistan (2009): Percentage Breakdown of Assets Under Management for National Investment Trust Ltd., JS Investments, UBL Fund Managers, National Fullerton Asset Management Ltd., MCB Asset Management Ltd., Arif Habib Investment Management Ltd., Al Meezan Investment Management Ltd., PICIC Asset Management Ltd., KASB Funds Ltd., Askari Investment Management Ltd., and Others
Table 62: Leading Fund Managers in Pakistan (2006-2008): Percentage Breakdown of Assets Under Management for National Investment Trust Ltd., JS Investments, National Fullerton Asset Management Ltd., UBL Fund Managers, Arif Habib Investment Management Ltd., PICIC Asset Management Ltd., Al Meezan Investment Management Ltd., MCB Asset Management Ltd., KASB Funds Ltd., Askari Investment Management Ltd., and Others
Table 63: Mutual Funds Market in Pakistan (2009): Percentage Breakdown of Assets Under Management by Fund Class – Open-End Funds [Non-Islamic Funds (Income Funds, Equity Funds, Money Market Funds, Balanced Funds, Capital Protected Funds, Asset Allocation, Fund of Funds, Index Tracker Funds, and Bond Funds), and Islamic Funds (Islamic Income Funds, Islamic Equity Funds, Islamic Asset Allocation, Islamic Capital Protected Funds, and Islamic Balanced Funds)]; and Close-End Funds (Equity Funds, Balanced Funds, Capital Protected Funds, Islamic Equity Funds, Islamic Balanced Funds, Income Funds, and Fund of Funds)
Table 64: Leading Asset Allocation/Balanced Fund in Pakistan (2008 & 2009): Percentage Breakdown of Assets Under Management for Unit Trust of Pakistan, NAFA Multi Asset Fund, MCB Dynamic Allocation Fund, KASB Balanced Fund, and Others
Table 65: Leading Money Market/Income Funds in Pakistan (2008 & 2009): Percentage Breakdown of Assets Under Management by Fund Name – NAFA Cash Fund, MCB Dynamic Cash Fund, United Growth & Income Fund, JS Income Fund, KASB Liquid Fund, United Money Market Fund, Askari Income Fund, Pakistan Income Fund, AMZ Plus Income Fund, HBL Income Fund, and Others
5f.SOUTH KOREA
Market Overview
Regulatory Changes in the Recent Past
5g.TAIWAN
Market Overview
Table 66: Leading Mutual Fund Managers in Taiwan (2008): Breakdown of Assets Under Management in NT Million for Polaris Securities Inv Trust Co., JP Taiwan (Hong Kong), ING CHB Securities Investment and Trust (the Netherlands), Capital Inv Trust, Yuanta Securities Inv Trust Co., Prudential Corporation Asia (UK), HSBC Investments (Hong Kong), Fu Hwa Inv Trust Co., Cathay Securities Inv Trust, Allianz Global Investors, and Others
Table 67: Leading Mutual Fund Managers in Taiwan (2008): Percentage Breakdown of Number of Funds for ING CHB Securities Investment and Trust (the Netherlands), JP Taiwan (Hong Kong), Polaris Securities Inv Trust Co., HSBC Investments (Hong Kong), Yuanta Securities Inv Trust Co., Prudential Corporation Asia (UK), Fu Hwa Inv Trust Co., Cathay Securities Inv Trust, Capital Inv Trust, Allianz Global Investors, and Others
5h.THAILAND
Positive Outlook for Mutual Funds
Table 68: Mutual Funds Market in Thailand (2007 & 2008): Percentage Breakdown of Assets Under Management by Fund Class – Fixed-Income Funds, Foreign Investment Funds, Mixed Income Funds, Equity Funds, Long-Term Equity Funds, and Others
5i.THE PHILIPPINES
Market Overview
Growth Aloof from the Mutual Fund Market Amid Recession
Restraining Forces Check Market Growth
Table 69: Leading Mutual Funds in the Philippines (2007): Percentage Breakdown of Assets Under Management by Fund Name – ALFM Peso Bond Fund, Sun Life Prosperity Balanced Fund, Philam Bond Fund, ALFM Dollar Bond Fund, Philam Dollar Bond Fund, Philam Strategic Growth Fund, Sun Life Prosperity Phil. Equity Fund, Philippine Stock Index Fund, Philam Fund, Philequity Fund, and Others
6.LATIN AMERICA
Industry Overview
Table 70: Mutual Funds Market in Latin America (2006-2012): Assets Under Management in US$ Billion
6a.ARGENTINA
Market Overview
Table 71: Mutual Funds Market in Argentina (2007 & 2008): Percentage Breakdown of Assets Under Management by Fund Class – Equity Funds, Money Market Funds, Fixed Income Funds, and Balanced Funds
Table 72: Mutual Funds Market in Argentina (2007 & 2008): Percentage Breakdown of Number of Funds by Fund Class – Fixed Income Funds, Equity Funds, Money Market Funds, and Balanced Funds
Table 73: Leading Mutual Fund Managers in Argentina (2008): Percentage Breakdown of Assets Under Management for Santander Investment; Schroders; Itau Asset Management; HSBC Adm. de Inversiones; Pellegrini; Standard Investments; Galicia Administradora de Fondos; BNP Paribas Asset Management; Macro Fondos; Frances, Adm. de Inversiones; and Others
6b.CHILE
Market Overview
Table 74: Classification of Mutual Funds
Mutual Funds Market Posts Quick Recovery
Table 75: Mutual Fund Market in Chile (2008-2009): Breakdown of Monthly Assets Under Management in US$ Million
Table 76: Leading Fund Managers in Chile (2009): Percentage Breakdown of Assets Under Management for Banchile, Santander (Spain), Banco de Credito e Inversiones (BCI), BBVA (Spain), Bice, Larrain Vial, Security, BancoEstado, Scotia Sudamericano (Canada), Corp Capital, and Others
6c.COLOMBIA
Market Overview
Table 77: Leading Fund Managers in Colombia (2009): Percentage Breakdown of Assets Under Management for Destinar Ahorro e Inversion, Suramericana de Seguros, Bancolombia, and Others
6d.COSTA RICA
Recession Drives Down Assets of Mutual Funds
6e.MEXICO
Market Overview
Market Trips Amid Global Financial Meltdown
Table 78: Leading Fund Managers in Mexico (2008): Percentage Breakdown of Net Assets for BBVA Bancomer, Gestion Santander, Impulsora de Fondos Banamex, Operadora Inbursa, HSBC, and Others
Table 79: Mutual Funds Market in Mexico (2007): Percentage Breakdown of Assets Under Management by Fund Class – Government Bonds, Bank Debts, Equities, and Others
Table 80: Mutual Funds Market in Mexico (2007): Percentage Breakdown of Assets Under Management by Category – Financial Sector, Firms Linked with Stockbrokerages, Independent Mutual Fund Investors, and Firms Linked with Credit Organizations
Regulatory Supervision
6f.PERU
Market Overview
Table 81: Mutual Funds Market in Peru (2008-2009): Breakdown of Monthly Assets Under Management in US$ Million
Table 82: Mutual Funds Market in Peru (2008-2009): Breakdown of Monthly Assets Under Management of Equity Funds in US$ Million
6g.VENEZUELA
Market Overview
Competitive Scenario
Table 83: Leading Fund Managers in Venezuela (2008): Percentage Breakdown of Assets Under Management for Mercantil, Provincial, Valores Occidentales Inversiones, Primus, and Others
Regulatory Framework Governing Mutual Funds
7.THE MIDDLE EAST
7a.ISRAEL
Market Overview
Table 84: Number of Active Mutual Funds in Israel (2006-2008)
New Regulations – Bringing a Wave of Change
Table 85: Leading Mutual Fund Managers in Israel (2008): Percentage Breakdown of Assets Under Management for Psagot, Clal Finance, Prisma, Harel PIA, Migdal Group, I.B.I., Dash, and Others
The Bachar Law of 2005
7b.UNITED ARAB EMIRATES
Lacks Favorable Regulatory Environment
Global Directory
