2017년 3월 25일 토요일

[발췌] The Retirement Savings Drain (2012)


출처: The Retirement Savings Drain: The Hidden and Excessive Costs of 401(k)s. Demos. May 2012.

지은이: Robert Hiltonsmith

※ 발췌 (excerpt):

The final reason why mutual fund fees are excessive is simply the structure of the individual retirement market itself. In this market, the $9.2 trillion that savers had invested in IRAs and 401(k)-type plans, as of 2010, is divided between thousands of "different" mutual funds in dozens of investment classes, which in reality (by class) differ little from one another: the long-term standard deviation of funds from class-average performance is actually quite low. This dispersion of 401(k) assets actually hurts savers much more than it benefits them. The division of assets amonst so many funds prevents 401(k) savers from benefitting from the lower costs and pooling of risk resulting from "economies of scale."

Large asset pools, such as state and local pension funds, can also use the leverage that comes from size to negotiate lower asset management fees, and administrative costs per investor are naturally lower since those costs are divided amongst a greater number of people. When investors pool their assets and returns are shared evenly, market risk to these investors is reduced, since the asset managers can invest in a more diversified portfolio with a longer-term horizon. Asset managers of large investment pools also have access to certain asset classes, such as private equity and hedge funds, in which small investors are barred from investing.

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