Research Set Up
In chapter 2 we outlined the structure of the mutual fund Industry. Thereby, It became quite obvious that the Industry structure across countries varies widely. The first and most obvious distinction was made with respect to growth rates that can be explained to some part with macro figures, such as demographics, market opening or growth of local capital stock. The second difference refers to the variation In average assets under management per country and hence the potential economies of scale for the mutual fund firms. This difference might be more difficult to explain and arguably nests mostly In regulatory scope, size of the home market and logic of the mutual fund. All three of these effects are expected to be In the focus of future changes to the market, especially In Europe where the European Union attempts to deepen the cross-border market and joint regulatory standards with their directives known as Undertakings for Collective Investment In Transferable Securities (UCITS). Whilst In this context market size and regulatory scope have been analyzed well (e.g. Oxera 2006), the competitive logic of the market has not been looked In depths so far. But also here, the Industry Is expecting to meet challenges that might chain the underlying economic logic and affect the definition of boundaries of each firm. Table 7 summarized the main impacts expected by the sounding board of Industry practitioners that accompanied the development process of this thesis.
KeywordsMutual Fund Mutual Fund Industry
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