The survey revealed that despite the management fees and distribute taxable gains charged by mutual funds; they still hold an appeal for America’s wealthiest investors.
Around 75% of the HNWI having investable assets of US$5 million to US$25 million were found to own US stock mutual funds for an average value of US$811,000, compared to 84% of the HNW owning individual stocks for an average value of more than US$1.1 million.
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Further, though fees and negative tax consequences generated by mutual funds can diminish investment returns, they are considered to meet the top two investment criteria of HNWI, being managing risk and diversifying their investments.
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By GlobalData
