There are several regulatory, nuanced, and interpretive discussions of mutual fund distribution issues, including revenue sharing, 12b-1 fees, and defensive 12b-1 plans. The world of fund distribution to intermediaries for sales of fund shares is not quantum physics, but it is much more hidden...

This study relates to the overall concern that mutual fund payments of sub-accounting fees to broker/dealers for sub-transfer agency, administration, sub-accounting, and other shareholder services may improperly include distribution related services. The topics begin with a review of the basic...

This article deals with the Directive and the context within which it was promulgated and, as a preliminary matter, discusses the idea of regulation itself. However, this article deals only with certain selected issues arising from the Directive and focuses on hedge funds (the alternative...

The objective of this study is to take some of the mystery out of mutual fund revenue sharing, but without being able to say investors have transparent disclosure. Topics begin with the transition from directed brokerage to revenue sharing. The discussions that follow include directed brokerage...

Sovereign Wealth Funds (SWFs) are an institutional investor class about which relatively little is known. Even though they have trillions of dollars in assets under management, their (typically) highly secretive nature renders them difficult to analyze in an academic context. We utilize...

In conclusion, Haslem [2016] summarizes the numerous attributes and implications of revenue sharing payments: (1) reward brokers for high and higher sales and/or asset holdings of fund shares and further defray current and higher broker costs of advertising and promotion, ongoing broker...

This paper undertakes a comprehensive analysis of alternative investment vehicles in private equity, using unexplored custodial data about 112 limited partners over four decades. We differentiate between alternative vehicles that are GP-directed versus those where the LP has some discretion. Of...

Revenue sharing payments are mutual fund distribution costs that conflict with continuing shareholder interests by directly reducing fund assets and shareholder returns. The “stated” purpose of revenue sharing payments is to defray broker costs of servicing customer accounts and for...