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INDUSTRY ANALYSIS FRAMEWORK -- A Global Perspective Asset Management Services Industry -- March 1995 (Source: John M. Tesoro, Asset Management Services Segment Co-Director) PURPOSE The purpose of the Industry Analysis Framework is to describe the fundamental forces driving an industry. It presents our auditors with a good framework with which to evaluate global industry risks and issues and, in turn, determine the applicability of these risks to specific clients. The Industry Analysis Framework accomplishes these objectives by: Presenting a brief description of the industry from a global perspective Discussing the critical elements of the Business Analysis Framework affecting the industry Presenting available global resources DESCRIPTION OF THE INDUSTRY The Asset Management Services Industry is an industry that by some estimates has over $14 trillion under management worldwide. The essence of the industry is the management of assets and investments for others. There are various types of financial management companies and new ones are constantly being created. Some of the major types include: Mutual Funds - Mutual funds are the largest component of the industry. There are well over 5,000 different mutual funds worldwide with assets exceeding $3 trillion. They sell shares directly to the public or through agents. Registered representatives of brokerage firms, insurance agencies, among others, sell shares in mutual funds as part of their overall financial service to clients. These funds usually add a sales charge, or “load”, to the sale to compensate the agents for their work. Many mutual funds, however, are sold directly by the investment company with “no load” or sales charge. Revenue for investment companies from these funds comes from management fees based on size of assets or performance or both. In Europe, funds are often set up as legal entities known as SICAVS or UCITS. Closed-End Mutual Funds - These funds are similar to regular (open-end) mutual fu