“The mutual funds boom of the 1990s prompted several money managers to launch their own retail mutual funds as a sideline to their main business—managing money for pension funds, insurers, institutional investors and high net worth private clients.
For a while their mutual fund assets under management grew faster than those of traditional direct sellers and, at some points, even faster than the industry as a whole. But the trajectory stalled in the late ’90s and our last look—in November 2001—suggested the retail mutual funds business had “proved to be much tougher than they expected”. How have these “money manager mutual fund manufacturers” done since then? This issue of Insight provides an update.”