The 29th Annual National Investment Company Service Association Conference & Expo opens Monday, with NICSA president Theresa Hammacher launching two assessments of the state of the fund industry.
The first, a new book on how the mutual fund industry works, was launched on the eve of the show, by John Wiley & Sons. The second features Hamacher leading a panel on the “State of the Investment Industry,” at 10:45 a.m. in the Grand Ballroom of the Doral Golf Resort & Spa in Miami.
The book, titled “The Fund Industry: How Your Money is Managed,” was written in collaboration with Robert Pozen, chairman emeritus of MFS Investment Management and now senior lecturer at the Harvard Business School in Boston. Hamacher is the former chief investment officer for Pioneer Investment Management in Boston.
The 500-page book is a guide for mutual fund investors, explaining how they can research funds for their portfolios and evaluate their performance. But it also shows how stock, bond and money market fund portfolios are managed, how transfer agencies work and the operations behind the fund industry.
Among other things, the book explains how a money market fund can “break the buck,’’ such as happened with the nation’s oldest such fund in 2008. That fund, the Reserve Primary Fund, was loaded with too many Lehman Brothers assets and faced a run when Lehman failed. It’s now out of business and in the past month, TD Ameritrade agreed to pay $10 million for the manner in which it marketed the fund as safe for investors.
Hamacher also will moderate a feature panel on “The State of the Investment Industry” Monday morning at 10:45 a.m. at the conference.
On her panel are:
* Maria F. Dwyer, Chief Regulatory Officer MFS Investment Management
* Elizabeth Krentzman, Principal Deloitte & Touche LLP
* Charles Muller, Deputy Director General Association of the Luxembourg Fund Industry (ALFI)
* Elizabeth A. Watson, Vice President and Managing Counsel State Street Bank and Trust Company
The session will focus on major regulatory initiatives – both in the U.S. and abroad.
Hamacher’s observations can also be followed on her Twitter feed.
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