The development trends and characteristics of the global fund industry include: ① the United States dominates, other countries and regions develop rapidly, and securities investment funds are increasingly becoming an important force in the capital markets of various countries or regions, and their market position and influence are constantly improving; ② Open-end funds become the mainstream products of securities investment funds; (3) The competition in the fund market is intensified, and the trend of industry concentration is prominent; (4) The source of fund assets has changed greatly, that is, individual investors have always been the main investors of traditional securities investment funds, but before 9 1, more and more institutional investors, especially pension funds, became important sources of funds.