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

In: Financial Intermediation in the 21st Century

Author

Listed:
  • Nils Tuchschmid

    (Banque Cantonale Vaudolse)

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.

Suggested Citation

  • Nils Tuchschmid, 2001. "The Quest for the Optimal Portfolio: The Example of Investment Funds," Palgrave Macmillan Books, in: Zuhayr Mikdashi (ed.), Financial Intermediation in the 21st Century, chapter 24, pages 236-245, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-29412-7_24
    DOI: 10.1057/9780230294127_24
    as

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