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Management fees and total expenses of mutual funds in Thailand

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  • Winai Wongsurawat

Abstract

To encourage disciplined saving and stimulate growth in capital markets, the Thai government recently introduced two new classes of mutual funds, which provide unique income tax benefits. Using panel data constructed from annual reports, this article offers a general overview of these new funds in terms of size, family affiliation and performance. Special emphasis is placed on fees and total expense ratios, because such features of asset management industries in developing countries such as Thailand have been understudied. Consistent with findings for other countries, Thai funds investing in high-risk, equity securities charge consistently higher fees and expenses than those that focus on fixed income securities. Investors of large funds pay higher management fees, while funds belonging to big families appear to charge lower management fees and total expenses. Finally, there is some suggestive evidence of a negative association between fees charged and investment returns, although simultaneity renders any causal implications inappropriate.

Suggested Citation

  • Winai Wongsurawat, 2011. "Management fees and total expenses of mutual funds in Thailand," Journal of the Asia Pacific Economy, Taylor & Francis Journals, vol. 16(1), pages 15-28.
    • Handle: RePEc:taf:rjapxx:v:16:y:2011:i:1:p:15-28
    DOI: 10.1080/13547860.2011.539398
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    References listed on IDEAS

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    1. Doner,Richard F., 2009. "The Politics of Uneven Development," Cambridge Books, Cambridge University Press, number 9780521736114, October.
    2. Kobsak Pootrakool & Kiatipong Ariyapruchya & Thammanoon Sodsrichai, 2005. "Long-term Saving in Thailand: Are we saving enough and what are the risks?," Working Papers 2005-03, Monetary Policy Group, Bank of Thailand.
    3. Doner,Richard F., 2009. "The Politics of Uneven Development," Cambridge Books, Cambridge University Press, number 9780521516129, October.
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    Cited by:

    1. Katarzyna Perez & £ukasz Szymczyk, 2022. "Actual rate of the management fee in mutual funds of different styles," Equilibrium. Quarterly Journal of Economics and Economic Policy, Institute of Economic Research, vol. 17(4), pages 969-1014, December.
    2. Muhammad Asad & Danish Ahmed Siddiqui, 2019. "Determinants of Mutual Funds Performance in Pakistan," International Journal of Social and Administrative Sciences, Asian Economic and Social Society, vol. 4(2), pages 85-107, June.
    3. , Aisdl, 2013. "Broadening the Investor Base for Local Currency Bonds in ASEAN+2 Countries," OSF Preprints u358g, Center for Open Science.
    4. Asian Development Bank (ADB), 2013. "Broadening the Investor Base for Local Currency Bonds in the ASEAN+2 Countries," ADB Reports RPT15462-2, Asian Development Bank (ADB), revised 09 Dec 2013.

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