Sovereign wealth funds (SWFs) have emerged as among the most important players in global financial markets. With an estimated $3 trillion at present, the collective assets at their disposal are expected to reach or surpass $7.5 trillion by 2012. Copyright (c) 2008 Morgan Stanley.

This study examines the determinants of mutual fund mergers and their subsequent wealth impact on shareholders of target and acquiring funds. Results indicate significant improvements in postmerger performance and a reduction in expense ratios for target fund shareholders. In contrast, acquiring...

This article examines competition and investor behavior in the mutual fund industry for the universe of US mutual funds during 1976--2009. Over this period, industry assets increased by a factor of 200, the number of active fund families quadrupled, and the average market share of a family...