金钱经理感到挤压费用正在降低成本并努力变得更加高效。他们的AR-SENAL中的最新武器：一种新的汇集基金形式，超越了股东集体中的管理现金，为股票和债券做同样的事情。
“这些新的资金是对罗德岛东格林威治博博咨商总裁Geoff Bobroff的对压力的回应。“作为世界的人更多
institutional benchmarks, eschewing Morningstar's and Lipper's retail standards, these pooled funds will reduce a battery of costs."
To create a pooled fund, a mutual fund family collects all the assets in its publicly marketed funds that follow the same investment strategy -- small-cap growth, say -- even if those assets are lodged in a diversified portfolio with other asset classes. The monies are then combined into one pool that is managed by a specialist in that asset class. The bulk of the fund family's cost savings come from reduced custody and accounting fees. Richard Davies, head of mutual fund marketing at Alliance Bernstein Investment Research and Management, estimates that his firm will save "north of 30 basis points" -- more than 40 percent of its custody costs -- with its new pooled funds.
All these new funds represent a variation on traditional pooling arrangements, which have been around for decades. Unlike retail mutual funds or their institutional counterparts, these pooled funds are not marketed; all are used strictly as an in-house management tool by fund families.
以一种不寻常的方法，联盟伯尔尼斯坦首先设计了池结构，然后开始收集适当的资产倒入它们。3月，公司注册了11个汇集结构与证券交易委员会。
当富达投资对卫生投资的启发理念扫除零售共同基金的备用空间汇总综合管理的短期池时，新型汇总资金追踪到1996年。（次年T. Rowe Price Group推出了两家内部汇总资金，以便从那时起就已经运作了两次运营。）富达有六个现金池，每个授权具有相对特定的授权：国库券，商业纸张等等。
By taking, for example, $1 million in commercial paper from each of 100 mutual funds and managing that $100 million separately, the mutual fund giant could have garnered incremental annual returns of more than 10 basis points, estimates consultant Bobroff. Today's lower interest rates have whittled, but by no means eliminated, that extra-
返回奖金。
Now Fidelity has extended the pooling concept out the yield curve. Last fall it added three longer-term fixed-income pools to its six cash management funds: one for high-yield bonds, another for tactical fixed-income instruments and a third for floating-rate notes. Fidelity managers cobble together these asset classes almost exclusively from retail mutual funds, with a smattering of money from collective trusts and separate accounts, and manage them in nine pools of specific asset classes.
Although all three of the new pools draw from a mix of retail and institutional sources, Fidelity is benchmarking them exclusively to institutional yardsticks: the Merrill Lynch High Yield Master II index or the Lehman Brothers aggregate bond index or the CSFB Leveraged Loan Index Plus. The firm figures that these standards will be more useful in managing the pools than the usual retail gauges that are geared to mutual fund sales.
合并的资金提供多种效率。因为它们可以梯形图 - 在逐步更长的时间内投入类似的证券 - 它们赚取直截了当的，增量回报。1亿美元的游泳池可以分为子池，一些较长的时间，带有隔夜小组保留，以涵盖一天的共同基金股份的销售。较长到期的子池在额外回报中可能产生几个基点。
此外，汇总资金受益于有利的监护权，行政和会计利率，因为它们提供了规模经济。并非最不重要的是，他们的散装给了他们交易台，可以屈服于讨价还价。Bobroff说，专业经理“倾向于以更系统的方式运行汇集基金投资组合，最大限度地减少对样式漂移的倾向。”顾问补充道，“很难放弃一个数字，但这种集中化会降低回报的变化。”
克里斯托弗林奇，销售主管，为J.P.摩根大通和其他服务提供监护和其他服务，以相互资金，笔记，“人们正在各种方式汇集汇集，以帮助更有效地管理复杂性。”
Alliance Bernstein recently introduced the first product to make use of its 11 structured pools: ten lifestyle funds intended for the defined contribution market. "By later this summer we plan to have 30 different products with different purposes -- ranging from college savings plans to retail mutual funds and institutional separate accounts -- all built from these 11 pooled vehicles," says Davies. "There will be a common architecture, consistent investment management and significant operating efficiencies in the back office." He adds, "We have spent two years building these new structures."
The 11 pooled vehicles encompass a range of investment styles: U.S. value, U.S. large-cap growth, real estate investment trusts, international value, international growth, short-duration bonds, intermediate-duration bonds, inflation-protected securities, high-yield securities, small- and midcap value and small- and midcap growth.
戴维斯数据，对于复杂的资产分配策略，如生活方式资金，这些策略在退休附近的持有人的持有人中重新倾斜，汇集可以导致运营成本的“急剧减少”。
Alliance Bernstein will embed charges ranging from 7 to 22 basis points to use one of its pools. Robert Keith, who heads the firm's institutional sales, says the fees will cover "operational expenses"; the investment management fees will continue to be collected out of fund assets.
Allianz Global Investors在池和联盟Bernstein的过程中使用富达富力资金从多个现有资金收集资产的方法，这些资金使用这些池作为其他产品的构建块的过程。AGI的固定收入股票或鱼类汇款占其高净值客户的40％的资产，以250,000美元至500万美元投资。
"In a crowded marketplace, we developed these funds so that our clients could have access to all ten sectors of the bond market," says Allianz managing director James Patrick, who heads managed accounts. The firm markets its managed accounts through wire houses and commercial banks. Allianz's ten pools offer it more efficient and less costly management than mutual funds. They also give financial advisers the flexibility to allocate their clients' assets themselves, rather than having to choose among the ten funds that are designed by Allianz.
"These funds let our financial advisers choose from a full tool belt," says Patrick.