23 2012 2 1
5 6 6 9 IRA 401(k) 13 MMF Separately Managed Account; SMA ETF REIT 2
29 IRA 401(k) IRA 401(k) 45 3
55 55 57 65 67 73 4
0 5
57 80 80 6 89 10 58.6 90 90 04 8 98 14 2011 10 25 57 12 6
51 98 05 2011 40 48 3 2011 0.6% 0.7% 39.6% 59.8% 47.6% 51.7% 98 00 Real Estate Investment Trust; REIT 01 Exchange Traded Fund; ETF 08 1,500 11 6 3.5 7
1 9.4 70 17.720 1.330 5.7 390 11 9 23.1 11 4 MMFMoney Market Fund5 2 2011 9 2011 9 ICI ICI 80 85 0.5 90 00 IT 80 46 64 1 2 2011 2011 11 3 8
1 90 70 1.4 80 90 11 6 196 35% 30% 25% 20% 15% 10% 5% 0% 70 73 76 79 82 85 88 91 94 97 00 03 06 09 1. MMF 2. ICI 3.2011 6 FRBICI 9
2011 5,000 7 82 64 64 10 1 75 750 89 5564 20% 65 18% 35 15% 4554 27% 3544 20% 25 4% 15 249999 11% 10 149999 21% 75000 99999 19% 25000 6% 25000 34999 6% 35000 49999 13% 5 74999 20% 2010 1.2010 ICI 2. 2009 ICI 80 85 0.5 2011 11 1080 MMF IT 08 11 10
2011 11 2011 11 ICI ICI 2010 25 1412 03 1 1 1. ETF 2.2010 11
IRA 401(k) 1 401(k) Individual Retirement Account; IRA 13 2 4 1.401(k) 2.2011 1 1996 FRBICI Investment Company Institute; ICI 2011 6 14 3 12
15, 38%, 62%, 31%, 32%, 37% 401(k) ICI "Characteristics of Mutual Fund Investors, 2011" IRA 401(k) 3 2010 3.2 1617 3 13
MMF 1 5,381.3 1 13,578.0 2 4,935.8 2 9,929.8 3 3,146.8 3 9,251.7 4 2,213.0 4 4,162.2 5 1,845.3 5 3,373.4 6 1,555.3 6 T 3,160.9 7 1,049.0 7 2,049.9 8 938.8 8 1,752.8 9 894.5 9 1,435.5 10 845.6 10 1,377.3 2010 2,406.6 1,541.0 1,325.1 500 1,023.2 1,022.7 883.3 772.3 769.2 767.5 755.2 657.4 586.5 577.5 538.7 492.2 08 2010 20 15 14
ETF ETF ETF 01 82 401(k) 90 2010 92MMF 90 13 2997 9 10 70 74 70 80 15
1931 00 07 1 2010 586 2010 70 80 401(k) IRA 18 16
ICI IT IBD Independent Broker-Dealer RIARegistered Investment Advisor RIA RIA 17
80 92 Third Party Marketer; TPM TPM 90 AG 70 2011 22 80 70 18
600 96 TPM 19
IRA 401(k) IRA 401(k) IRA 401(k) 1920IRA 80 96 40401(k)90 910 59 4 IRA 401(k) FRB ICI 20
MMF 71 MMF 70 74 20 MMF 82 2,000 82 MMDAMoney Market Depository Account MMF 80 21 MMF 1. MMDA 3 2. 2010 8 12 MMFMMF MMDA MMDA Wall Street Journal imoney-net IncBank Rate MonitorICI 21
90 MMF MMF 90 MMF MMF 2011 MMF 1.8 MMF 0.9 MMF 08 9 MMF 77 CMACash Management Account CMA ATM CMA 1 MMF ATM MMF CMA MMF CMA 86 Working Capital Management Account; WCMAWCMA CMA WCMA 90 MMF 10 7,400 7 MMF 3 3 MMF MMF 22
1 92 1 22 92 150 99 1,000 12b-1 Separately Managed Account; SMA SMA 75 90 75 23
SMA 90 23 SMA 10 5,0001 SMA SMA 65 70 80 2011 5,000 1 1 24
ETF ETF 93 S&P SPDRS; ETF 00 11 1 ETF ETF ETF 03 ETF ETF ETF ETF ETF ETF ETF REIT REIT 60 90 REIT 10 3,900 90 REIT 90 93 80 Savings and Loan Association; S&L REIT REIT REIT REIT REIT REIT REIT 25
REIT 90 1 80 90 401(k) IRA 11 1.3 90 26
00 06 60 401(k) IRA 06 401(k) 4 1 2 10 2,640 10 3,400 401(k) 07 4 27
90 03 5 08 11 1.4 4 1 24 80 SMA 6 7 SEC 5 6 7 The Cerulli Edge, U.S.Edition, June 2007 2001 2002 2003 SEC 28
IRA 401(k) ICI 2009 15 29
80 80 40 70 70 Old-Age, Survivors, Disability Insurance; OASDI 75 83 Social Security Amendments Act of 1983 70 IRA 401(k) IRA 401(k) IRA IRA 25 IRA 5,000 59.5 10 8 70.5 IRA 401(k) 8 10 30
401(k) IRA 403(b) IRA 457 TSP IRA IRA IRA IRA 74 Employee Retirement Income Security Act; ERISA IRA IRA 78 Simplified Employee Plan; SEP 81 IRA IRA IRA 80 260 85 1,620 IRA 86 IRA 86 IRA IRA IRA 86 10 IRA 96 97 96 SEP Savings Incentive Match Plan for Employee; SIMPLE 97 IRA IRA IRA 31
IRA IRA IRA 01 IRA 08 5,000 08 50 2010 06 401(k) 401(k) 80 401(k) 04 401(k) 401 k 401(k) 59.5 10 1870 1974 ERISA ERISA404 (c) 78 401 k 401(k) 81 IRS 401 k 401(k)401(k) 401(k) 32
IT 401(k) 01 06 07 50 06 401(k) 403(b) 457 401(k) IRA 401(k) IRA 401(k) IRA 401(k) 401(k) 2010 4 IRA 9 IRA 401(k) IRA 9 2002 33
10 IRA IRA 20 30 IRA IRA IRA IRA IRA IRA IRA 81 7 3 86 5 2 2 96 4 1 529 529 529 529 D.C. 10 1997 34
529 9 529 88 96 01 06 26 529 11 529 70 80 90 529 529 11 6 1,695 27 11 10 4 2.2 1.6 35
529 529 65 11% 5564 9% 35 26% 4554 23% 3544 31% 2011 2011 6 529 CollegeBoardTrends in Student Aid ICI 90 SEC 09 36
34 06 Merrill Lynch Investment Managers; MLIM 7 8 15 37
70 80 01 5 02 12 270 54 2 3.5 35 02 06 08 Personal Equity Plan; PEPIndividual Saving Account; ISA PEP 87 18 12 http://www.hm-treasury.gov.uk/d/sandler_ch1to2.pdf 38
3,000 9,000 PEP EU EU 50 PEP PEP 93 PEP PEP 99 ISA PEP 91 Tax Exempt Special Savings Account; TESSA 18 7,200 ISA ISA ISA ISA 1 ISA MMF 3,600 ISA 7,200 13 PEP ISA PEP 2010 1,058 18 11 11 ISA ISA ISA 18 14 18 ISA 05 Child Trust Fund; CTFCTF 13 ISA ISA 7,200 14 CTF CTF 02 9 1 11 1 2 39
3,600 CTF 3 CTF ISA ISA CTF 1992 Superannuation Guarantee (Administration) Act of 1992 3 02 9 40
60 10 6 1.2 5 1.6 90 90 99 99 41
18.5 18.5 162.5 NDC 800 AP7 AP7 AP7 AP7 55 100% 75 33% 67% 2010 4,080 28 2,140 52 10 450 400 350 300 250 200 150 100 50 0 2002 2003 2004 2005 2006 2007 2008 2009 2010 Swedish Pensions Agency Orange Report 42
GDP MMF MMF Plan d'epargne En Actions; PEA 92 03 EU 755 Plan d'epargne Entreprise; PEE 67 01 Plan d'epargne Interentreprises; PEI 5 5 04 Plans d'epargne Retraite Collectif; PERCO 401(k) 3 43
solidaire fund PERCO Plan d'epargne Retraite Populaire; PERP PERP 100 PERP PERCO PERP 90 PEP PEA 44
IRA 401(k) 01 3 2 2011 9.470 17.760 14.620 1.3 29 45
20 30 40 1.3% 0.4% 22.7% 0.3% 6.9% 5.7% 3.8% 3.6% 8.7% 3.6% 75.5% 83.3% 84.1% 50 60 70 2.9% 80.3% 11.3% 5.5% 3.7% 68.3% 14.6% 13.4% 5.1% 0.6% 61.1% 17.7% 15.4% 2011 3031 401(k) 2011 ICI Characteristics of Mutual Fund Investors, 2011" 46
2011 9.9 32 33 5 2011 5 2011 47
IRA 401(k) IRA 401(k) 90 90 98 48
04 49
14 ISA ISA 15 20 1 1 100 3 10 ISA ISA 430 11 12 430 15 ISA 3 10 50
3 3 5.1 38 2,325.6 11 8 4 12 1 6 51
OECD OECD 27 66 53 52
16 34 5 16 2010 22 53
54
1 55
56 90 23 0 2 4 6 8 10 12 0 500 1000 1500 2000 2500 3000 1980/1 1981/1 1982/1 1983/1 1984/1 1985/1 1986/1 1987/1 1988/1 1989/1 1990/1 1991/1 1992/1 1993/1 1994/1 1995/1 1996/1 1997/1 1998/1 1999/1 2000/1 2001/1 2002/1 2003/1 2004/1 2005/1 2006/1 2007/1 2008/1 2009/1 2010/1 2011/1 2012/1 TOPIX 10 IMFBloomberg 0 100 200 300 400 500 600 700 800 900 1000 1100 1200 1984/1 1985/1 1986/1 1987/1 1988/1 1989/1 1990/1 1991/1 1992/1 1993/1 1994/1 1995/1 1996/1 1997/1 1998/1 1999/1 2000/1 2001/1 2002/1 2003/1 2004/1 2005/1 2006/1 2007/1 2008/1 2009/1 2010/1 2011/1 2012/1 S&P500 DAX FTSE100 TOPIX 19841100 Bloomberg
ROE 90 A A 800 5,000 57
400500 A A IR 2,2002,300 15 ROE 510 100150 B B 46 150 B 23 B 2030 B 3 2010 11 ROE ROE 58
ROE C 30 C 23 C C 1 C D 1020 D 5 10 D 59
E 30 E 7 300 E 20E F F F 3,000 200 60
F F United Nations Principles for Responsible Investment; UNPRI F F F F F F G G 20 G G IR G G 61
17 A 510 D E C D E 2 F 3,000 200 17 62
G 20 A ROE 100150 B 3 ROE ROE B 3 G C A B 46 63
150 F F 3 G D E G B A G ROE 10 3 64
3 4 8 18 2011 56 2008 7 2009 6 ICI "Trends in Proxy Voting by Registered Investment Companies, 2007 2009"(2010) 5 ISS 19 18 2 3 1 19 NYSE Listed Company Manual 303A.01 65
2012 2 14 1. 2. 1 G 66
Financial Reporting Council; FRC 2010 7 20 4 21 F G G B A 20 http://www.frc.org.uk/images/uploaded/documents/uk%20stewardship%20code%20july%2020103.pdf 21 http://institutionalshareholderscommittee.org.uk/sitebuildercontent/sitebuilderfiles/isccode161109.pdf 67
B ROE 3 3 C E 300 F G B 68
22 1 600 90% % 500-600 2,000 22 5 5 69
12 70
ROE 71
72
. A 2012 1 18 1990 REIT ETF 2004 60 1998 1990 23 1 401(k) 60 60 73
11 IRA 401(k) 1 7,000 1 HP EU 1 74
10 1. B 2012 1 27 30 2000 ROEROA 75
51,000 4 3.5 20 6 20 76
1 ISA 1. C 2011 12 22 401(k) ISA 6 3 16% 33% 3 2011 8,000 6 11.93 1 77
401(k) ISA 35 81 401(k) ISA 1 ISA 4 5 3 ISA 401(k) 1980 10 1020 20 10 ISA 78
2/3 1 ISA 6 6 40. D 2011 12 27 79
GDP 1931 3 35 1 80
81
. E 2011 12 28 2011 11 57 46 1998 13 2009 5 2011 3 2011 4 2011 5 2011 10 2011 11 167 19 2011 20 1.3 30 5.740 8.750 11.360 14.670 17.7 2007 50 2008 2010 60 2011 70 82
1 ISA ISA ISA 83
ISA ISA. A 2012 1 5 800 5,000 400500 1990 IR 1,000 500600 2,000 12 25 20 =6,000 1 600 90% % 84
2,2002,300 15 23 ROE 510 2000 1 20% ROE 100150 2010 85
60 60 MBA IR 3. B 2011 12 2 2010 4 6 150 23 86
TOPIX 1,700 800 2010 11 ROE ROE 8 ROE 3 ROE 2030 1 1 10% 20% ROE 87
12 TOPIX S&P500 10002000 FTSE 100 TOPIX 1,700 ROE 12% TOPIX 12 ROE PBR 1.0. C 2012 1 5 88
3 3040 15 30 30 2011 IR IR 3 2 150 DNA 89
23 100 5,000 10 3040 4,000 3 12 90
GDP GNI. D 2012 1 6 510 1020 200500 5 610 91
5070 3,500 70 80 2 16 ROEROI ROE 1 1020 92
3.5. E 2012 2 6 30 25% 20 7 300 3.6 93
1 ROE 3,600 300 170 = 94
ETF ETF. F 2012 1 11 200 UNPRI 95
3,000 6 2,000 ROE ROE 2013 1 CEO CFO 5 2 5 96
. G 2011 12 26 2007 200 100 6 20 IR 3 IR IR IR IR 97
ESG 644 2004 98
99
2008 2002 1997 1997 2010 2010 1996 401(k)1996 2, pp.34-71 2005 2005 10 10, pp.30-35 2005 2005 10 24, pp.46-50 2005 2005 10 31, pp.20-24 2008, pp.174-194 2008, pp.119-129 2010FUND MANAGEMENT 2010, pp.28-33 19961996 9, pp.58-101 2002 MMF, pp.126-132 1999IRA 1999 2, pp.2-45 2004, pp.86-95 2008, pp.330-343 100
2004, pp.115-122 2011 1999 REIT, pp.160-180 2005, pp.133-140 2005 ETF, pp.80-89 2009 21 2006, pp.144-156 2004, pp.72-75 2007, pp.158-177 200099, pp.188-212 2001, pp.147-161 2006, pp.123-138 2007, pp.186-197 2008, pp.59-67 2009, pp.303-308 2009, pp.5-25 2009 2010 2010 4 19, pp.34-38 2011 101
2010 LPL 2002Medium and Long-Term Retail Savings in the UK, pp.164-175 2005, pp.141-145 2011 2011 4, pp.48-65 2009 ETF, pp.77-97 2010 2010 12 2009, pp.30-53 2011 ISA 2011 ISA, pp.93-99 Federal Reserve Board,"Flow of Funds Accounts of the United States" Investment Company Institute(2010),"Trends in Proxy Voting by Registered Investment Companies, 2007 2009" Investment Company Institute(2011),"Investment Company Fact Book" Investment Company Institute(2011),"Characteristics of Mutual Fund Investors, 2011" Morningstar Principia "Mutual Funds Advanced" http://www.toushin.or.jp/ http://www.pfa.or.jp/ Fidelity https://www.fidelity.com/ Institutional Shareholder Services (ISS) http://www.issgovernance.com/ Investment Management Association http://www.investmentfunds.org.uk/ National Association of Real Estate Investment Trusts http://www.reit.com/ United States Census Bureau http://www.census.gov/ 102