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...Morgan Stanley Investment Management has filed to adopt Vanguard’s exchange traded fund multi-share class structure, becoming the fifth in line to seek approval to do so....
...More than nine months after Vanguard’s lucrative patent on using exchange traded funds as a share class of existing mutual funds expired, rival asset managers are still waiting for approval to copy the structure...
...Buckley initially joined Vanguard as a research assistant to Jack Bogle, the group’s founder, who pioneered passive investing and the company’s unusual mutual structure....
...The SEC has in the past expressed worries about potential conflicts of interest between mutual fund and ETF share classes but did not take away Vanguard’s ability to launch and operate multi-share class...
...Vanguard itself employs OCIOs such as Wellington to manage some of its mutual funds....
...Fidelity has filed to adopt Vanguard’s ETF multi-share class structure, becoming the third manager to do so....
...You don’t have to go through like a traditional mutual fund brokerage approach to get these strategies in your portfolio. They tend to be a little less expensive....
...“The Vanguard Wellington fund goes back to 1929, and one of the reasons that product [has] survived . . . is because it was a balanced, diversified portfolio,” says Rodney Comegys, who heads Vanguard’s equity...
...“They are not coming from our mutual fund line-up....
...Both firms have converted existing mutual funds to ETFs, a process that allows funds to build on existing asset bases instead of starting from scratch....
...It also spawned financial titans like Fidelity and Vanguard and thousands of smaller competitors that together employ hundreds of thousands of people....
...The ascent of passive strategies has been years in the making, beginning with Vanguard’s launch of the world’s first index mutual fund in 1976 on the premise that stock pickers do not beat the market over...
...A US investment boutique has filed with regulators to launch mutual fund share classes of its family of exchange traded funds in the latest attempt by the industry to break Vanguard’s lucrative US-wide monopoly...
...Dimensional Fund Advisors has filed an application to offer Vanguard-style exchange traded fund share classes on its US mutual funds in a move that, if approved, could mark the start of a revolution in the...
...Many due diligence specialists want a mutual fund or ETF to have a lengthy performance record before they will consider putting it on a recommended list or a brokerage platform....
...Just buy the haystack,” wrote John Bogle, the late founder of investment firm Vanguard. His quip is now conventional wisdom....
...Amundi and Vanguard ranked second and third respectively, with inflows of €2.1bn and €1.8bn....
...Last month, State Street and Vanguard estimated that none of their ETFs would pass along capital gains, the companies’ respective websites show....
...Vanguard, the next biggest group, has $8.7tn on its books, of which around four-fifths is passively invested....
...Lugging his backpack around the Forbidden City in Beijing, French tourist Xavier counted himself as “lucky” to be at the vanguard of China’s latest campaign to reinvigorate its flagging economy....
...The impending launch in Europe of a quartet of exchange traded funds could pave the way for a rapid expansion of Vanguard-style umbrella structures offering both ETFs and mutual funds....
...Their core business, historically, has been actively managed mutual funds....
...ETF (VOO), iShares Core S&P 500 ETF (IVV) and Vanguard Total Bond Market ETF (BND), which each have total expense ratios of just 3 basis points....
...With $19bn being sucked up by Chinese equity funds (including mutual funds) alone, EPFR said: “The latest flows into China-mandated funds went predominantly to domestically domiciled ETFs as Chinese policymakers...
...Asset managers are warning that proposals by the US Securities and Exchange Commission to tighten new liquidity requirements and pricing methods for US mutual funds will drive away investors, reduce choice...
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