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Theory of Mutual Funds: The Effect of Principal Agency Conflicts on Mutual Fund Size

Many textbooks present mutual funds as financial institutions that collect money and trade various financial securities on behalf of their investors who benefit from professional management, effective diversification and high liquidity with relatively low minimum investment requirements. Mutual funds employ professional managers to trade the securities and make use of various distribution channels such as banks, brokers, insurance companies and independent financial consultants to sell the fund's shares to investors. The fund managers and distributors are essentially contracted as agents of the funds' shareholders in that they are paid to help investors to carry out their optimum investment strategies.