Management companies are divided into open-end investment companies or mutual funds (mutual funds), and private investment companies, trusts or closed. In Russia, the analog are the first mutual funds, and an analog second – stock investment funds. Of all types of investment companies are the most popular mutual funds – 93,3%. They are similar to the Russian mutual funds that themselves redeem their shares and the fact that the share price is determined based on net assets. However, they differ fundamentally from the Russian mutual funds because they are public companies.
Activities of mutual funds controlled by the Commission on the Securities and Exchange – Securities and Exchange Commission (SEC) under the law in 1933 on securities. Mutual funds have the right to issue only common shares, the income on which an investor can not be determined advance. It depends on the success of capital management fund. In 1990, the assets of mutual funds in the United States exceeded $ 1 trillion, and has now reached 6 trillion. U.S. To date, the number of American mutual funds more than 6,000.
In Western Europe, specific activities of investment funds is conditioned by the peculiarities of this region. For example, the European Union (Council Directive of 20.12.1985 was) introduced the concept of UCITS – Undertaking for Collective Investment in Transferable Securities (Agreement on collective investment in transferable securities). According to this document are requirements for UCITS to attract public investment resources, the principle diversification of risk, securities repurchase funds at the request of investors.