Text

Today, billion-dollar outfits are "question their survivability," says Steven E. Buller, Ernst & Young's national director for asset management. "Fund complexes large and small will rethink being in the investment-management business at all." The be–everything-to-everything-management business model of giants such as Fidelity Investments, Dreyfus, Putnam Investments, and T. Rowe Price is showing serious chinks. However most giant fund families are in denial. Richard A. Spillane Jr. head of domestic equity at FMR Corp., parent of No. 1 Fidelity Investment, says investors get a "good deal at pretty reasonable fees with a lot of liquidity." He agrees that scale doesn't guaranteesuccess, but it "improves your odds of delivering the performance," he says. "It allows us to have a 500-person equity staff spread all over the globe. It allows us to have arguably the best trading department on Wall Street." Yet few of Fidelity's investors are likely to be as sanguine as Spillane: a third of Fidelity's U.S. diversified equity funds are lagging their peer groups this year and for the past three years, according to fund researcher Morningstar.

The main idea of the paragraph

As the business model of big fund companies is showing serious chinks, their size doesn’t guarantee success, but it “improves your odds of delivering the performance, as the head of one of the fund companies says. However, their investors are not as sanguine as the companies are.

随着大基金公司经营模式显现出来的严重缺陷，大公司的规模并不能保证他们能获得成功，但是，一个基金公司的头说，“大的规模能够提高其完成业绩的几率”，然而，他们的投资客户并不像他那样乐观。

• B
• 1
• 2
• 3
• 4
• 5
• 6
• 7
• 8
• 9
• 10
• 11
• 12
• 13
• 14
• 15
• 16
• 17
• S