2015年-世界发展银行全球_Mutual_Funds_in_Developing_Markets___Addressing_Challenges_to_Growth_96页_2mb

Summary of "Mutual Funds in Developing Markets: Addressing Challenges to Growth"

Core Content

This report provides an in-depth analysis of the mutual fund sector in developing countries, highlighting the challenges and opportunities for growth. It explores the characteristics of mutual fund markets, the legal and regulatory frameworks, and the market drivers and impediments that affect their development. The report also presents case studies from five developing countries—Brazil, Kenya, Morocco, Peru, and Turkey—to illustrate the diversity in mutual fund structures and performance across different economic and geographic contexts.

Main Objectives

• To provide policy makers with a comprehensive understanding of mutual fund sectors in developing countries.
• To identify the key factors that drive or impede the growth of mutual fund industries.
• To highlight the importance of mutual funds in financial intermediation and economic growth.

Key Points

Role of Mutual Funds

Mutual funds act as an important financial intermediary, channeling savings from individuals and institutions into diversified investments. They serve a dual purpose: offering professional risk management for smaller savers and supporting economic growth through capital allocation.

Market Characteristics

• Asset Accumulation: Mutual funds enable investors to accumulate wealth through diversified portfolios.
• Financial Intermediation: They mobilize savings from bank deposits and invest in a variety of instruments, including equities, bonds, and money market instruments.
• Ownership: Mutual funds are typically owned by either institutional or retail investors, depending on the country.
• Distribution Channels: These vary by region, including captive and third-party distribution models.
• Charges: Fund charges can differ significantly, and regulatory frameworks often influence these levels.
• Interdependence: Mutual funds are often interdependent with banks, pension funds, and insurance companies, especially in the context of retirement savings and treasury management.

Legal and Regulatory Framework

• The legal and regulatory apparatus is crucial for the development of mutual fund markets.
• Many countries have adopted international standards, such as those from IOSCO, to regulate mutual funds.
• Legal structures can be trust-based, corporate-based, or contractual-based, and they influence governance, asset management, and supervision.
• Regulatory frameworks are becoming more aligned with IOSCO principles and regional standards, leading to more consistent operational characteristics.

Market Drivers and Impediments

• Demand: Comes from both institutional and retail investors. Some countries show high retail ownership, while others are dominated by institutional investors.
• Market Structure and Infrastructure: A well-developed and liquid capital market is essential for mutual fund growth.
• Savings Levels: A significant middle class with surplus savings is a key driver of mutual fund demand.
• Financial Literacy: Low awareness and understanding of financial products can hinder retail participation.
• Tax Treatment: Mutual funds often face less favorable tax treatment compared to other savings vehicles, which can limit their attractiveness.
• Competition: Domestic mutual funds face competition from foreign funds that may offer better tax treatment or global exposure.
• Stock Market Development: A developed stock market is a prerequisite for mutual fund growth, as it provides a diversified investment base.

Key Information

Case Studies

• Brazil: Has a legal framework allowing funds to be created for a single client, with a significant portion of mutual funds being dedicated to specific investors.
• Kenya: Mutual fund ownership is largely retail-based, with a growing sector.
• Morocco: Institutional investors dominate the market, with a notable share of dedicated funds.
• Peru: The mutual fund sector is almost entirely retail-based.
• Turkey: The sector is developing, with a focus on institutional and retail growth.

Trends and Challenges

• Mutual fund markets are often developed synthetically, with legal and regulatory frameworks established before the funds themselves.
• The growth of mutual funds is closely linked to the development of capital markets, particularly in terms of liquidity and diversity of investment options.
• Policy makers must consider the quality of legal and regulatory frameworks, the level of savings, financial literacy, and tax treatment when designing mutual fund policies.

In Summary

The mutual fund sector in developing markets is influenced by a variety of factors, including legal and regulatory frameworks, market structure, financial literacy, and tax treatment. While mutual funds are a vital tool for financial intermediation and asset accumulation, their growth is often constrained by the lack of a developed capital market, limited financial awareness, and unfavorable tax treatment. This report serves as a guide for policymakers, emphasizing the need for a balanced and well-structured regulatory environment to support the growth of mutual funds in developing countries.