The U.S. structure for collective investment, in which individual corporations hire outside investment advisers, is unusual among developed economies. Most other industrialized nations use structures based on a direct contractual relationship between the fund manager and the investor. In such structures, there is no intervening corporation, but there are mechanisms intended to substitute for some of the fiduciary responsibilities of a corporate board of directors. In this conference, we will look at some of these non-U.S. collective investment structures, and whether and how they address such issues as conflicts of interest in the governance of collective investment vehicles.

This is the tenth conference in the series entitled “Is There a Better Way to Regulate Mutual Funds?”