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The Benefits of Creating an Integrated EU Market for Investment Funds

Author

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  • Heinemann, Friedrich

Abstract

The fast growing EU market for investment funds is still characterised by a continuing relevance of national borders. This papers assesses this market?s degree of integration, the potential benefits from more integration and the obstacles to cross-border sales of funds. The analysis shows that markets of small member countries are particularly isolated since for suppliers of funds the market potential is too small to compensate for the fixed costs of market entry. But also in the big markets foreign funds lack market success. A better integrated European market for investment funds would provide three kinds of benefits: It increases choice of products, it allows to realise economies of scale and it intensifies competition for the benefit of private investors. It is argued that the present characteristics of fund distribution channels are mainly responsible for fragmentation besides regulatory and tax issues.

Suggested Citation

  • Heinemann, Friedrich, 2002. "The Benefits of Creating an Integrated EU Market for Investment Funds," ZEW Discussion Papers 02-27, ZEW - Leibniz Centre for European Economic Research.
    • Handle: RePEc:zbw:zewdip:870
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    Citations

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    Cited by:

    1. Douglas Cumming & Gael Imad'Eddine & Armin Schwienbacher, 2012. "Harmonized regulatory standards, international distribution of investment funds and the recent financial crisis," The European Journal of Finance, Taylor & Francis Journals, vol. 18(3-4), pages 261-292, April.
    2. Lang, Gunnar & Köhler, Matthias, 2011. "How does the domiciliation decision affect mutual fund fees?," ZEW Discussion Papers 11-085, ZEW - Leibniz Centre for European Economic Research.
    3. Lang, Gunnar & Schäfer, Henry, 2013. "What is the wind behind the sails to go abroad? Empirical evidence from the mutual fund industry," ZEW Discussion Papers 13-022, ZEW - Leibniz Centre for European Economic Research.

    More about this item

    Keywords

    UCITS; investment fund; European integration;
    All these keywords.

    JEL classification:

    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors

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