Mutual Funds And Institutional Investments

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Institutional Investors

Author : E. Philip Davis
Publisher : MIT Press
ISBN 13 : 9780262262408
Total Pages : 568 pages
Book Rating : 4.2/5 (624 download)

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Book Synopsis Institutional Investors by : E. Philip Davis

Download or read book Institutional Investors written by E. Philip Davis and published by MIT Press. This book was released on 2004-01-30 with total page 568 pages. Available in PDF, EPUB and Kindle. Book excerpt: One of the most important recent developments in financial markets is the institutionalization of saving associated with the growth of pension funds, life insurance companies, and mutual funds. An increasing proportion of household saving is now managed by professional portfolio managers instead of being directly invested in the securities markets or held in the form of bank deposits. With the aging of the population and its adverse impact on public pension systems, the shift of individual savings to institutional investors is likely to become even more marked in the coming years. This book provides a comprehensive economic assessment of institutional investment. It charts the development and performance of the asset management industry and analyzes the implications of rising institutionalized saving for the development of the securities trading industry, the financial sector as a whole, and the wider economy. The book draws extensively on international experience, particularly in the United States, Western Europe, and Japan.

Asset Management and Institutional Investors

Author : Ignazio Basile
Publisher : Springer
ISBN 13 : 3319327968
Total Pages : 469 pages
Book Rating : 4.3/5 (193 download)

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Book Synopsis Asset Management and Institutional Investors by : Ignazio Basile

Download or read book Asset Management and Institutional Investors written by Ignazio Basile and published by Springer. This book was released on 2016-07-27 with total page 469 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book analyses investment management policies for institutional investors. It is composed of four parts. The first one analyses the various types of institutional investors, institutions which, with different objectives, professionally manage portfolios of financial and real assets on behalf of a wide variety of individuals. This part goes on with an in-depth analysis of the economic, technical and regulatory characteristics of the different types of investment funds and of other types of asset management products, which have a high rate of substitutability with investment funds and represent their natural competitors. The second part of the book identifies and investigates the stages of the investment portfolio management. Given the importance of strategic asset allocation in explaining the ex post performance of any type of investment portfolio, this part provides an in-depth analysis of asset allocation methods, illustrating the different theoretical and operational solutions available to institutional investors. The third part describes performance assessment, its breakdown and risk control, with an in-depth examination of performance evaluation techniques, returns-based style analysis approaches, and performance attribution models. Finally, the fourth part deals with the subject of diversification into alternative asset classes, identifying the common characteristics and their possible role within the framework of investment management policies. This part analyses hedge funds, private equity, real estate, commodities, and currency overlay techniques.

Pioneering Portfolio Management

Author : David F. Swensen
Publisher : Simon and Schuster
ISBN 13 : 1416554033
Total Pages : 433 pages
Book Rating : 4.4/5 (165 download)

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Book Synopsis Pioneering Portfolio Management by : David F. Swensen

Download or read book Pioneering Portfolio Management written by David F. Swensen and published by Simon and Schuster. This book was released on 2009-01-06 with total page 433 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the years since the now-classic Pioneering Portfolio Management was first published, the global investment landscape has changed dramatically -- but the results of David Swensen's investment strategy for the Yale University endowment have remained as impressive as ever. Year after year, Yale's portfolio has trumped the marketplace by a wide margin, and, with over $20 billion added to the endowment under his twenty-three-year tenure, Swensen has contributed more to Yale's finances than anyone ever has to any university in the country. What may have seemed like one among many success stories in the era before the Internet bubble burst emerges now as a completely unprecedented institutional investment achievement. In this fully revised and updated edition, Swensen, author of the bestselling personal finance guide Unconventional Success, describes the investment process that underpins Yale's endowment. He provides lucid and penetrating insight into the world of institutional funds management, illuminating topics ranging from asset-allocation structures to active fund management. Swensen employs an array of vivid real-world examples, many drawn from his own formidable experience, to address critical concepts such as handling risk, selecting advisors, and weathering market pitfalls. Swensen offers clear and incisive advice, especially when describing a counterintuitive path. Conventional investing too often leads to buying high and selling low. Trust is more important than flash-in-the-pan success. Expertise, fortitude, and the long view produce positive results where gimmicks and trend following do not. The original Pioneering Portfolio Management outlined a commonsense template for structuring a well-diversified equity-oriented portfolio. This new edition provides fund managers and students of the market an up-to-date guide for actively managed investment portfolios.

Unconventional Success

Author : David F. Swensen
Publisher : Simon and Schuster
ISBN 13 : 074327461X
Total Pages : 417 pages
Book Rating : 4.7/5 (432 download)

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Book Synopsis Unconventional Success by : David F. Swensen

Download or read book Unconventional Success written by David F. Swensen and published by Simon and Schuster. This book was released on 2005-08-09 with total page 417 pages. Available in PDF, EPUB and Kindle. Book excerpt: The bestselling author of Pioneering Portfolio Management, the definitive template for institutional fund management, returns with a book that shows individual investors how to manage their financial assets. In Unconventional Success, investment legend David F. Swensen offers incontrovertible evidence that the for-profit mutual fund industry consistently fails the average investor. From excessive management fees to the frequent "churning" of portfolios, the relentless pursuit of profits by mutual fund management companies harms individual clients. Perhaps most destructive of all are the hidden schemes that limit investor choice and reduce returns, including "pay-to-play" product-placement fees, stale-price trading scams, soft-dollar kickbacks, and 12b-1 distribution charges. Even if investors manage to emerge unscathed from an encounter with the profit-seeking mutual fund industry, individuals face the likelihood of self-inflicted pain. The common practice of selling losers and buying winners (and doing both too often) damages portfolio returns and increases tax liabilities, delivering a one-two punch to investor aspirations. In short: Nearly insurmountable hurdles confront ordinary investors. Swensen's solution? A contrarian investment alternative that promotes well-diversified, equity-oriented, "market-mimicking" portfolios that reward investors who exhibit the courage to stay the course. Swensen suggests implementing his nonconformist proposal with investor-friendly, not-for-profit investment companies such as Vanguard and TIAA-CREF. By avoiding actively managed funds and employing client-oriented mutual fund managers, investors create the preconditions for investment success. Bottom line? Unconventional Success provides the guidance and financial know-how for improving the personal investor's financial future.

Swing Pricing and Fragility in Open-end Mutual Funds

Author : Dunhong Jin
Publisher : International Monetary Fund
ISBN 13 : 1513519492
Total Pages : 46 pages
Book Rating : 4.5/5 (135 download)

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Book Synopsis Swing Pricing and Fragility in Open-end Mutual Funds by : Dunhong Jin

Download or read book Swing Pricing and Fragility in Open-end Mutual Funds written by Dunhong Jin and published by International Monetary Fund. This book was released on 2019-11-01 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: How to prevent runs on open-end mutual funds? In recent years, markets have observed an innovation that changed the way open-end funds are priced. Alternative pricing rules (known as swing pricing) adjust funds’ net asset values to pass on funds’ trading costs to transacting shareholders. Using unique data on investor transactions in U.K. corporate bond funds, we show that swing pricing eliminates the first-mover advantage arising from the traditional pricing rule and significantly reduces redemptions during stress periods. The positive impact of alternative pricing rules on fund flows reverses in calm periods when costs associated with higher tracking error dominate the pricing effect.

Treynor On Institutional Investing

Author : Jack L. Treynor
Publisher : John Wiley & Sons
ISBN 13 : 1118160703
Total Pages : 566 pages
Book Rating : 4.1/5 (181 download)

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Book Synopsis Treynor On Institutional Investing by : Jack L. Treynor

Download or read book Treynor On Institutional Investing written by Jack L. Treynor and published by John Wiley & Sons. This book was released on 2011-07-13 with total page 566 pages. Available in PDF, EPUB and Kindle. Book excerpt: Praise for TREYNOR ON INSTITUTIONAL INVESTING "Jack Treynor has a mind of his own. I mean that as the highest compliment. Jack Treynor sees what no one else sees, thinks what no one else thinks, explains what no one else explains. You will learn more in fifteen minutes with Jack Treynor than in a full hour with most pundits. You will work hard but you will see things, think things, and understand things as never before. This book is a most valuable treasure, gleaming with Jack Treynor's brilliance." -Peter L. Bernstein, author, Capital Ideas Evolving "Vintage Treynor. This is a must-own reference for anyone involved in institutional asset management. It assembles - in one place - many of the important insights of one of the most provocative and creative players in the finance world over the past half-century." -Robert D. Arnott, Chairman, Research Affiliates, and Former Editor, Financial Analysts Journal "As a practicing investment manager, Treynor always preferred brilliance to soundness. Identifying the flaws in conventional thinking, he shows both the theorist and the practitioner where to invest time in their search for excess return." -Perry Mehrling, Professor of Economics, Barnard College, Columbia University, author, Fischer Black and the Revolutionary Idea of Finance "Jack Treynor's new book brings together a lifetime of exploring the important questions surrounding the sophisticated investor's task. Readers of Treynor on Institutional Investing will be richly rewarded by the insights the author has developed about both the practical and the conceptual keys to successful investing." -Samuel L. Hayes, III, Jacob Schiff Professor of Investment Banking Emeritus, Harvard Business School

Green Finance and Investment Mapping Channels to Mobilise Institutional Investment in Sustainable Energy

Author : OECD
Publisher : OECD Publishing
ISBN 13 : 9264224580
Total Pages : 146 pages
Book Rating : 4.2/5 (642 download)

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Book Synopsis Green Finance and Investment Mapping Channels to Mobilise Institutional Investment in Sustainable Energy by : OECD

Download or read book Green Finance and Investment Mapping Channels to Mobilise Institutional Investment in Sustainable Energy written by OECD and published by OECD Publishing. This book was released on 2015-02-09 with total page 146 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report develops a framework that classifies investments according to different types of financial instruments and investment funds, and highlights the techniques that intermediaries can use to mobilise institutionally held capital.

Portfolio Preferences of Foreign Institutional Investors

Author : Reena Aggarwal
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)

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Book Synopsis Portfolio Preferences of Foreign Institutional Investors by : Reena Aggarwal

Download or read book Portfolio Preferences of Foreign Institutional Investors written by Reena Aggarwal and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines investment allocations in emerging markets by actively-managed U.S. mutual funds. We analyze both country- and firm-level characteristics and policies that influence these investment allocations. At the country-level, we find that U.S. funds invest more in open emerging markets with stronger shareholder rights, legal frameworks and accounting policies. After controlling for country characteristics, U.S. funds are found to invest more in large growing firms with high analyst following and policies such as ADR listing and more transparent accounting policies. The impact of ADR listing and better accounting policies is most pronounced in countries with weaker investor protection. Our results suggest that steps can be taken both at the country- and the firm-level to create an environment conducive to foreign institutional investment.

Fundamentals Of Institutional Asset Management

Author : Frank J Fabozzi
Publisher : World Scientific
ISBN 13 : 981122160X
Total Pages : 616 pages
Book Rating : 4.8/5 (112 download)

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Book Synopsis Fundamentals Of Institutional Asset Management by : Frank J Fabozzi

Download or read book Fundamentals Of Institutional Asset Management written by Frank J Fabozzi and published by World Scientific. This book was released on 2020-10-12 with total page 616 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides the fundamentals of asset management. It takes a practical perspective in describing asset management. Besides the theoretical aspects of investment management, it provides in-depth insights into the actual implementation issues associated with investment strategies. The 19 chapters combine theory and practice based on the experience of the authors in the asset management industry. The book starts off with describing the key activities involved in asset management and the various forms of risk in managing a portfolio. There is then coverage of the different asset classes (common stock, bonds, and alternative assets), collective investment vehicles, financial derivatives, common stock analysis and valuation, bond analytics, equity beta strategies (including smart beta), equity alpha strategies (including quantitative/systematic strategies), bond indexing and active bond portfolio strategies, and multi-asset strategies. The methods of using financial derivatives (equity derivatives, interest rate derivatives, and credit derivatives) in managing the risks of a portfolio are clearly explained and illustrated.

Capital Allocators

Author : Ted Seides
Publisher : Harriman House Limited
ISBN 13 : 0857198874
Total Pages : 197 pages
Book Rating : 4.8/5 (571 download)

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Book Synopsis Capital Allocators by : Ted Seides

Download or read book Capital Allocators written by Ted Seides and published by Harriman House Limited. This book was released on 2021-03-23 with total page 197 pages. Available in PDF, EPUB and Kindle. Book excerpt: The chief investment officers (CIOs) at endowments, foundations, family offices, pension funds, and sovereign wealth funds are the leaders in the world of finance. They marshal trillions of dollars on behalf of their institutions and influence how capital flows throughout the world. But these elite investors live outside of the public eye. Across the entire investment industry, few participants understand how these holders of the keys to the kingdom allocate their time and their capital. What’s more, there is no formal training for how to do their work. So how do these influential leaders practice their craft? What skills do they require? What frameworks do they employ? How do they make investment decisions on everything from hiring managers to portfolio construction? For the first time, CAPITAL ALLOCATORS lifts the lid on this opaque corner of the investment landscape. Drawing on interviews from the first 150 episodes of the Capital Allocators podcast, Ted Seides presents the best of the knowledge, practical insights, and advice of the world’s top professional investors. These insights include: - The best practices for interviewing, decision-making, negotiations, leadership, and management. - Investment frameworks across governance, strategy, process, technological innovation, and uncertainty. - The wisest and most impactful quotes from guests on the Capital Allocators podcast. Learn from the likes of the CIOs at the endowments of Princeton and Notre Dame, family offices of Michael Bloomberg and George Soros, pension funds from the State of Florida, CalSTRS, and Canadian CDPQ, sovereign wealth funds of New Zealand and Australia, and many more. CAPITAL ALLOCATORS is the essential new reference manual for current and aspiring CIOs, the money managers that work with them, and everyone allocating a pool of capital.

Coordinated Portfolio investment Survey

Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1455216569
Total Pages : 180 pages
Book Rating : 4.4/5 (552 download)

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Book Synopsis Coordinated Portfolio investment Survey by : International Monetary Fund

Download or read book Coordinated Portfolio investment Survey written by International Monetary Fund and published by International Monetary Fund. This book was released on 1997-01-01 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents a coordinated portfolio investment survey guide provided to assist national compilers in the conduct of the Coordinated Portfolio Investment Survey, conducted under the auspices of the IMF with reference to the year-end 1997. The guide covers a variety of conceptual issues that a country must address when conducting a survey. It also covers the practical issues associated with preparing for a national survey. These include setting a timetable, taking account of the legal and confidentiality issues raised, developing a mailing list, and maintaining quality control checks.

A Wealth of Common Sense

Author : Ben Carlson
Publisher : John Wiley & Sons
ISBN 13 : 1119024927
Total Pages : 231 pages
Book Rating : 4.1/5 (19 download)

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Book Synopsis A Wealth of Common Sense by : Ben Carlson

Download or read book A Wealth of Common Sense written by Ben Carlson and published by John Wiley & Sons. This book was released on 2015-06-22 with total page 231 pages. Available in PDF, EPUB and Kindle. Book excerpt: A simple guide to a smarter strategy for the individual investor A Wealth of Common Sense sheds a refreshing light on investing, and shows you how a simplicity-based framework can lead to better investment decisions. The financial market is a complex system, but that doesn't mean it requires a complex strategy; in fact, this false premise is the driving force behind many investors' market "mistakes." Information is important, but understanding and perspective are the keys to better decision-making. This book describes the proper way to view the markets and your portfolio, and show you the simple strategies that make investing more profitable, less confusing, and less time-consuming. Without the burden of short-term performance benchmarks, individual investors have the advantage of focusing on the long view, and the freedom to construct the kind of portfolio that will serve their investment goals best. This book proves how complex strategies essentially waste these advantages, and provides an alternative game plan for those ready to simplify. Complexity is often used as a mechanism for talking investors into unnecessary purchases, when all most need is a deeper understanding of conventional options. This book explains which issues you actually should pay attention to, and which ones are simply used for an illusion of intelligence and control. Keep up with—or beat—professional money managers Exploit stock market volatility to your utmost advantage Learn where advisors and consultants fit into smart strategy Build a portfolio that makes sense for your particular situation You don't have to outsmart the market if you can simply outperform it. Cut through the confusion and noise and focus on what actually matters. A Wealth of Common Sense clears the air, and gives you the insight you need to become a smarter, more successful investor.

Investment Philosophies

Author : Aswath Damodaran
Publisher : John Wiley & Sons
ISBN 13 : 1118235614
Total Pages : 615 pages
Book Rating : 4.1/5 (182 download)

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Book Synopsis Investment Philosophies by : Aswath Damodaran

Download or read book Investment Philosophies written by Aswath Damodaran and published by John Wiley & Sons. This book was released on 2012-06-22 with total page 615 pages. Available in PDF, EPUB and Kindle. Book excerpt: The guide for investors who want a better understanding of investment strategies that have stood the test of time This thoroughly revised and updated edition of Investment Philosophies covers different investment philosophies and reveal the beliefs that underlie each one, the evidence on whether the strategies that arise from the philosophy actually produce results, and what an investor needs to bring to the table to make the philosophy work. The book covers a wealth of strategies including indexing, passive and activist value investing, growth investing, chart/technical analysis, market timing, arbitrage, and many more investment philosophies. Presents the tools needed to understand portfolio management and the variety of strategies available to achieve investment success Explores the process of creating and managing a portfolio Shows readers how to profit like successful value growth index investors Aswath Damodaran is a well-known academic and practitioner in finance who is an expert on different approaches to valuation and investment This vital resource examines various investing philosophies and provides you with helpful online resources and tools to fully investigate each investment philosophy and assess whether it is a philosophy that is appropriate for you.

Securities Activities of Banks

Author : Melanie L. Fein
Publisher : Wolters Kluwer
ISBN 13 : 1454801247
Total Pages : 1668 pages
Book Rating : 4.4/5 (548 download)

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Book Synopsis Securities Activities of Banks by : Melanie L. Fein

Download or read book Securities Activities of Banks written by Melanie L. Fein and published by Wolters Kluwer. This book was released on 2011-12-20 with total page 1668 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The Fourth Edition of a leading resource in the field, this valuable practice tool brings you completely up-to-date on the evolving laws governing banks' securities activities - from regulatory changes in the financial markets and administrative reform to recent court decisions and legislative reform, including the recently enacted Sarbanes-Oxley Act of 2002 and the Gramm-Leach-Bliley Act. Here is everything you need to help build a bank's securities business while avoiding compliance pitfalls. Securities Activities of Banks, Fourth Edition provides: In-depth discussions of the securities activities now permissible for banks, bank holding companies, and financial holding companies, Clear explanations of how securities laws affect banks' securities activities, A complete review of how banks are regulated - including foreign banks and affiliates, Up-to-date analysis of the evolution of the banking laws through agency and court decisions. Detailed descriptions and analyses illuminate the full range of current bank securities activities, including investment and trading activities, brokerage activities, investment advice, underwriting, mutual funds, international securities activities, derivative instruments, deposits and loans, fiduciary activities, and more."--Publisher's website.

Investment Management

Author : Frank J. Fabozzi
Publisher : Pearson Education
ISBN 13 :
Total Pages : 874 pages
Book Rating : 4.4/5 (91 download)

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Book Synopsis Investment Management by : Frank J. Fabozzi

Download or read book Investment Management written by Frank J. Fabozzi and published by Pearson Education. This book was released on 1999 with total page 874 pages. Available in PDF, EPUB and Kindle. Book excerpt: The job of planning, implementing, and overseeing the funds of an individual investor or an institution is referred to as investment management. The purpose of this book is to describe the process of investment management.

Organizational Alpha

Author : Ben Carlson
Publisher : Wealth of Common Sense
ISBN 13 : 9781541043671
Total Pages : 90 pages
Book Rating : 4.0/5 (436 download)

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Book Synopsis Organizational Alpha by : Ben Carlson

Download or read book Organizational Alpha written by Ben Carlson and published by Wealth of Common Sense. This book was released on 2017-02-02 with total page 90 pages. Available in PDF, EPUB and Kindle. Book excerpt: Institutional investors spend the majority of their time in search of the Holy Grail of investment alpha, or risk-adjusted market outperformance. The problem is far too many organizations and funds fail to first understand whether or not they have what it takes to earn alpha or whether it even makes sense to try. Organizational alpha, on the other hand, is something every institutional investor and nonprofit can achieve, assuming they focus on what they can control and what matters. This book will show institutional investors, board members, trustees, consultants and beneficiaries how the concept of organizational alpha can help them: Recognize the importance of goals-based investing. Think in terms of process over outcomes. Understand the fiduciary duty and what constitutes a breach of that duty. Know the difference between a governing and managing fiduciary. Define their overarching investment philosophy. Make sense of the group dynamic at play when making decisions-by-committee. Ensure more continuity in their investment program. Improve their due diligence and decision-making processes. Choose the right consultant or advisor to help oversee their assets. Find additional sources of alpha. Understand the alternative investment landscape. Appreciate the differences between foundations, endowments and pensions. Document their investment process to cut down on unnecessary mistakes. Make decisions that revolve around the goals and mission of the organization. Set realistic expectations with the understanding that the future is always uncertain. Written by an institutional investor who has spent his entire career working with a wide range of institutional investors from endowments to foundations to pension plans to family offices and other nonprofits, Organizational Alpha is a manual that provides institutional investors with the tools they need to find success in the markets and as organizations.

Mutual Funds and Institutional Investments

Author : Estelle James
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 65 pages
Book Rating : 4./5 ( download)

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Book Synopsis Mutual Funds and Institutional Investments by : Estelle James

Download or read book Mutual Funds and Institutional Investments written by Estelle James and published by World Bank Publications. This book was released on 1999 with total page 65 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: One of the biggest criticisms leveled at defined contribution individual account (IA) components of social security systems is that they are too expensive. This paper investigates the cost-effectiveness of three options for constructing funded social security pillars: 1) IA's invested in the retail market with relatively open choice, 2) IA's invested in the institutional market with constrained choice among investment companies, and 3) a centralized fund without individual accounts or differentiated investments across individuals. Our questions: What is the most cost-effective way to organize a mandatory IA system, how does the cost of an efficient IA system compare with that of a single centralized fund, and are the cost differentials large enough to outweigh the other important considerations? Our answers, based on empirical evidence about mutual and institutional funds in the U.S.: The retail market (option 1) allows individual investors to benefit from scale economies in asset management, but at the cost of high marketing expenses that are needed to attract and aggregate small sums of money into large pools. In contrast, a centralized fund (option 3) can be much cheaper because it achieves scale economies without high marketing costs, but gives workers no choice and hence is subject to political manipulation and misallocation of capital. Mandatory IA systems can be structured to get the best of both worlds: to obtain scale economies in asset management without incurring high marketing costs or sacrificing worker choice. To accomplish this requires centralized collections, a modest level of investor service and constrained choice. The system of constrained choice described in this paper (option 2) is much cheaper than the retail market and only slightly more expensive than a single centralized fund. We estimate that it will cost only .14-.18% of assets annually. These large administrative cost savings imply a Pareto improvement so long as choice is not constrained too much.'