Collective Investment Schemes: The Role of the Trustee

Australian Accounting Review, Vol. 1, No. 3, 1992

11 Pages Posted: 15 Aug 2006

See all articles by Mark Blair

Mark Blair

affiliation not provided to SSRN

Ian Ramsay

Melbourne Law School - University of Melbourne

Abstract

There has been a lack of analysis of the justification for trustees in collective investment schemes. Yet a study of the topic is pertinent because of the prominent position occupied by trustees in certain schemes. One possible justification for trustees, considered in this paper, is the existence of a collective action problem. Four types of schemes are examined: debentures, public unit trusts, life-insurance firms and superannuation funds. While each of these schemes can exhibit a considerable collective action problem, only the first three typically involve a trustee. We conclude that even where a collective action problem exists, there is not necessarily the need for a trustee. There may be more efficient solutions to the problem.

Suggested Citation

Blair, Mark and Ramsay, Ian, Collective Investment Schemes: The Role of the Trustee. Australian Accounting Review, Vol. 1, No. 3, 1992, Available at SSRN: https://ssrn.com/abstract=924321

Mark Blair

affiliation not provided to SSRN ( email )

No Address Available

Ian Ramsay (Contact Author)

Melbourne Law School - University of Melbourne ( email )

University Square
185 Pelham Street, Carlton
Victoria, Victoria 3010
Australia
+61 3 8344 5332 (Phone)

HOME PAGE: http://law.unimelb.edu.au/about/staff/ian-ramsay

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