Ochrona interesów uczestników funduszy inwestycyjnych w kontekście zjawiska ukrytego indeksowania

Tomasz Miziołek

doi:10.18778/2391-6478.3.3.06

Authors

Tomasz Miziołek Wydział Ekonomiczno-Socjologiczny, Uniwersytet Łódzki

DOI:

https://doi.org/10.18778/2391-6478.3.3.06

Keywords:

consumer protection, closet indexing, active share, tracking error

Abstract

Closet indexing is a practice used by asset management companies consisting in relatively passive portfolio management by funds declaring an active approach to management, while charging relatively high management fees, inadequate to demonstrated commitment. As the results of research carried out by national supervisory authorities, independent analytic firms as well as European Securities and Markets Authority (ESMA) show, closet indexing is experienced – with varying intensity – by many European countries and exposes investors on significant losses.

Downloads

Download data is not yet available.

References

Caquineau M., Möttölä M., Schumacher J., 2016, Active Share in European Equity Funds. The Activeness of Large-Cap European Fund Managers Through the Lens of Active Share, Morningstar, Chicago.
Google Scholar

Cremers M., Ferreira M.A., Matos P., Starks L., 2015, Indexing and Active Fund Management: International Evidence, Working Paper (version: January 2015), http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1830207
Google Scholar DOI: https://doi.org/10.1016/j.jfineco.2016.02.008

Cremers M., Petajisto A., 2009, How Active is Your Fund Manager? A New Measure that Predicts Performance, „The Review of Financial Studies”, vol. 22, no. 9.
Google Scholar DOI: https://doi.org/10.1093/rfs/hhp057

ESMA, 2016, Supervisory Work on Potential Closet Index Tracking, ESMA/2016/165, https://www.esma.europa.eu/sites/default/files/library/2016-165_public_statement_-_supervisory_work_on_potential_closet_index_tracking.pdf
Google Scholar

Finanstilsynet, 2014, Markedsudviklingen i 2013 for Investeringsforeninger, Specialforeninger og Hedgeforeninger, https://www.finanstilsynet.dk/~/media/Tal-og-fakta/2014/Markedsudvikling/Markedsudviklingsartikel_Investeringsforeninger_2013.ashx
Google Scholar

Finanstilsynet, 2015, Management of Equity Fund – Corrective Order, http://www.finanstilsynet.no/en/Document-repository/News/2015/Q1/Management-of-equity-fund--rectification-order/
Google Scholar

Finanstilsynet, 2016, Active/Ppassive Management in Danish UCITS, https://www.finanstilsynet.dk/en/Nyheder%20og%20presse/Pressemeddelelser/2016/PM-BSH-tale-IFB-200416
Google Scholar

ICI, 2016, Average Expense Ratios for Equity, Hybrid, and Bond Mutual Funds Hit 20-Year Lows, https://www.ici.org/pressroom/news/16_news_trends_expenses
Google Scholar

Marriage M., 2015, Sweden Begins Crackdown on Closet Trackers, http://www.ft.com/intl/cms/s/0/d39d9a08-cf22-11e4-b761-00144feab7de.html
Google Scholar

Marriage M., 2016a, German Regulator Launches Closet-tracker Investigation, http://www.ft.com/intl/cms/s/0/f4c8fc8e-d1a8-11e5-831d-09f7778e7377.html#axzz417QtxTka
Google Scholar

Marriage M., 2016b, Italian Closet Trackers Sanctioned by Regulator, http://www.ft.com/intl/cms/s/0/85387d82-e20f-11e5-9217-6ae3733a2cd1.html#axzz42D1jJKEj
Google Scholar

Marriage M., Mooney A., 2016, Financial Conduct Authority Closes in on `Closet Tracker` Funds, http://www.ft.com/intl/cms/s/0/cbe59c82-fcbe-11e5-b3f6-11d5706b613b.html#axzz47fgpbMmm
Google Scholar

Moisson E., 2016, Closet Tracking Row Boosts Passive Flows in Sweden, http://www.ft.com/intl/cms/s/0/4d8cc99a-f733-11e5-96db-fc683b5e52db.html#axzz44Z8LDyUp
Google Scholar

Mooney A., 2015, Luxembourg Probing Closet Trackers, http://www.ft.com/intl/cms/s/0/679ed476-d3ae-11e4-99bd-00144feab7de.html#axzz3ZS09zuuT
Google Scholar

Norstein V., Varran H., 2015, A Comprehensive Study of Actively Managed Equity Funds in Norway, Master Thesis, Copenhagen Business School, http://studenttheses.cbs.dk/bitstream/handle/10417/5524/vegard_norstein_og-haakon_varran.pdf?sequence=1
Google Scholar

Pearce A., 2014, European Tool to Out `Closet Index Trackers`, http://www.efinancialnews.com/story/2014-10-13/swedish-shareholders-association-closet-index-trackers
Google Scholar

Petajisto A, 2013, Active Share and Mutual Funds Performance, „Financial Analysts Journal”, vol. 69, no. 4.
Google Scholar DOI: https://doi.org/10.2469/faj.v69.n4.7

SCM Private, 2013, Closet Indexation. A UK Epidemic, http://www.scmprivate.com/content/file/knowledge/research/closet-indexation-report-full-sept-13.pdf
Google Scholar

SCM Private, 2015, Closet Indexation. The UK Epidemic Continues, http://www.scmprivate.com/content/file/knowledge/research/SCM-direct-closet-indexation-epidemic-continues-report-february-2015.pdf
Google Scholar