Models of Corporate Governance in Investment Funds and Requirements to their Asset Structure

The problem of corporate governance in investment funds is studied in the context of O. Williamson's theory of transaction-specific assets. Investment funds are regarded as investment corporations, for which the models of classical corporate governance can be applied. The paper outlines the conditions for efficient use of outsider and insider corporate governance models. It shows current specificity of state regulation of corporate governance issues in investment funds at the example of evolution of requirements to asset composition and structure of Russian investment funds. In addition, the author examines new requirements to assets composition and structure for mutual investment funds and specifies corporate governance models for funds of qualified investors and funds of unqualified investors. Finally, corporate governance models of exchange-traded fund and project fund are identified.