Abstract
The paper provides comprehensive analysis of investment funds and their specific under economy transformation, supported by internationalization and globalization of economic systems. Main historical phases and milestones of investment funds development were outlined. Definition was provided to investment companies, as well as major organizational forms were defined on mechanisms to accumulate and distribute financial resources. Types of investment companies were classified. Specific of investment strategies was underlined on their impact on investment portfolio. Particular attention is paid to new forms and types of investment institutions, such as hedge funds and exchange-traded funds. The history of their formation and stages of development, including the specified features of their functioning and shortcomings of this type of institutes, are highlighted. The proposed periodization of the formation of joint investment institutes. The positive and negative impact of JII on interna- tional financial markets is determined. Important components of the article are the analysis of panel analytical data by years and countries of the world, provided to confirm the main theses, as well as the definition of the main trends in the development of joint investment institutions. The leading countries in terms of assets of joint investment institutes and the structural composition of open investment funds have been determined. Stock funds dominate, followed by bond funds. The assets of US investment funds and the financial assets of institutional investors and the GNI of the US for 2011–021 were analyzed. The regional struc- ture of investment funds was studied. US investment funds make up 56% of the global volume, European – 29.9%, together 85.9%. The structure of joint investment institutions was analyzed for the 3rd quarter of 2022. The main share of JII in the USA is made up of stock funds 48.2% (money market funds – 14.3%), in the EU this figure is 31.7% (money market funds – 8.1%). The dynamics of the growth of the assets of institutional investors in the USA is characterized, by a significant increase that has been revealed since 2019 in comparison with the period 2011–2017. The investment funds of the USA and Europe continue to play a decisive role in the joint investment market.
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