With the stock prices tumbling and returns shrinking, investors are deserting the funds and the mutual-fund industry is experiencing a difficult time. Looking into it, one can find out that several factors contribute to the situation the industry is facing: a crucial one being that while trying to increase the sales of funds, the mutual-fund companies neglected and even damaged the core of the business, that is, the industry should produce superior returns at low cost while protecting the investors from untoward risk, they judge their performance in relative rather than absolute terms. In the situation, bigger companies are faring even worse because of their high operating costs, their defective business model, their act of charging investors royally, and the competition from successful small companies. To restore their fortunes, it is suggested that the industry should buy portfolio management from specialists to boost their sickly performance; diversify into other business like hedge funds, separate accounts for affluent households and individual retirement accounts, develop new business like exchange-trade funds, etc.

The key to regaining success for the mutual-fund industry is to make it top priority to enrich its clients, and the worst tactic would be to sit back and wait for the market to recover and for the money to start rolling in again, especially faced with slow growth.

随着股票价格的暴跌和收益的锐减，投资者弃基金而去，共同基金行业陷入危机。细看一下，人们可以发现有诸多因素造成了共同基金行业目前所面临的局面：一个极其重要的因素是，在试图增加基金的销售时共同基金公司忽略甚至损害了其自身业务的根本核心：基金公司应以较低的成本产生可观的收益并避免不必要的风险；基金公司衡量业绩时使用相对的概念，而不是按绝对值的增长来衡量。在这种形势下，由于其较高的运营成本、有缺陷的运营模式、向投资者收取高额费用的行为、以及来自较小但成功运营的公司的竞争，较大的共同基金公司度日更加艰难。要找回客户、找回财富，文章建议共同基金行业向投资组合专家购买服务以提升他们糟糕的业绩，转入其它如对冲基金、为富裕家庭开立的分立账户和个人退休金账户等业务，开发新的如通过交易所交易的基金等新业务。

共同基金行业重获成功的关键是把让客户挣钱列为重中之重，而面临经济缓慢增长的局面下下策则是坐等市场复苏，坐等客户重新把钱滚滚送来。

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