The Quest for the Optimal Portfolio: The Example of Investment Funds

Nils Tuchschmid
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Nils Tuchschmid: Banque Cantonale Vaudolse

Chapter 24 in Financial Intermediation in the 21st Century, 2001, pp 236-245 from Palgrave Macmillan

Abstract: Abstract The assets managed by the investment fund industry have grown considerably since the 1970s. Consider the example of equity mutual funds in the US, which represented some $37 billion in managed assets in 1976 but in early 1990 exceeded $166 billion. Switzerland has experienced the same phenomenon. From a modest CHF 20 billion in managed assets — including funds domiciled in Luxembourg — in 1988, the total capitalisation of Swiss investment funds amounted to more than CHF 160 billion in 1994. This trend has not yet stabilised. The CHF 77 billion invested in Swiss investment funds at the end of 1991 had increased to more than CHF 320 billion by the end of 1998, which corresponds to an annual growth rate of more than 20 per cent. This trend, has not been limited to Switzerland and has affected all financial markets, including the US, in spite of the strongly rooted equity culture among the general American public. At the end of 1998 over 30 000 funds were managing total assets of almost $9200 billion.

Keywords: Optimal Portfolio; Investment Opportunity; Portfolio Management; Investment Fund; Asset Allocation (search for similar items in EconPapers)
Date: 2001
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-29412-7_24

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DOI: 10.1057/9780230294127_24

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