- 4 - corporate and governmental obligations (money market funds). These RIC's began to attract the investing public, particularly when coupled with a novel feature such as the checkwriting feature of petitioner's money market fund. By 1980, petitioner managed $8.2 billion of assets for 21 different RIC's. At the beginning of 1985 (the first year in issue), petitioner managed $35.8 billion in assets for 79 RIC's, and by the end of 1987 (the last year in issue), petitioner managed $71.8 billion for 140 RIC's. Petitioner is the sole underwriter and distributor of the shares in the RIC's that it manages in the Fidelity family.2 Petitioner divides its distribution functions between Fidelity Distributors Corp. (FDC) and Fidelity Investments Institutional Services Co. (FIIS), depending upon whether the shares in the RIC's are sold directly to the public or to or through institutions, respectively. In accordance with this distribution scheme, petitioner classifies the RIC's that it manages as either retail funds; i.e., those the shares of which are directly offered to the public, or institutional funds; i.e., those the shares of which are offered to, or through large institutions, such as financial planners, banks, insurance companies, or employee plans. The marketing efforts of the retail RIC's are 2The group of funds managed by a particular investment adviser is known in the industry as that adviser's "family of funds".Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011