Although the asset management industry has come under increasing
scrutiny since the financial crisis it still remains poorly
understood and investment scandals continue to headline in the
financial press. Whereas most literature on the industry focuses on
the technical end - how managers invest and what tips others can
glean - this book explores the way these businesses operate as
businesses and how they make their money. The book explains how the
industry is organized, how firms generate revenues through various
types of fund, fees and charges and what cost pressures they face.
It investigates the nature of their client relationships, the role
played by star investors and the requirement for firms to integrate
non-financial considerations into their investment process. The
inherent tensions and potential conflicts of interest within asset
managers that seek to keep both clients and shareholders happy is
also examined. The book concludes by considering how the industry
is evolving, the role of regulation and where it is struggling to
change. Suitable for students of business and finance, those
working in allied areas of the finance sector, and for anyone with
a general interest in how financial institutions and markets
operate, the book offers readers a balanced and incisive guide to
the economics of an industry that globally controls more than $100
trillion of financial assets and a critical appraisal of the
sector's future.
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