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Asset Management and Investor Protection
An International Analysis
Julian Franks, Colin Mayer, and Luis Correia da Silva
304 pages
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numerous figures and tables
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234x156mm
978-0-19-926193-2
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Paperback
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16 January 2003
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This item is printed to order. Items which are printed to order are normally despatched and charged within 5-10 days.
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- Addresses high-profile current debate surrounding financial crises and what to do about them
- Truly comparative
- A source of information, analysis, and recommendation
Asset management is a major industry playing an increasingly important role in economic activity around the world. Asset managers provide services to individuals, governments, public agencies, banks, pension funds, insurance companies, and charities, to name a few. Traditionally, asset management has been primarily associated with the 'stock market' economies of the UK and the USA, but, as this book shows, some of the most spectacular growth in activity of recent years has occurred in Continental Europe.
This has presented opportunities and challenges. New forms of financial instruments and institutions have emerged in countries that have
traditionally relied on debt and non-market forms of intermediation. Competition has intensified, and entry has occurred both within and across national markets. However, this growth has been accompanied by potential problems: while investors enjoy a wider range of products and services, they face more complex instruments and transactions. Therefore, the potential for failures, such as misdealing and fraud, may have increased. The natural response is to strengthen regulation, but there is a fine balance to be struck between inadequate and excessive regulation of asset managers.
This is particularly complicated in the context of European capital markets. European countries have traditionally had very different financial systems and asset management businesses,
therefore it is no surprise to discover many different approaches to regulating asset managers. How should the European Commission respond to this diversity? Should it seek to create greater uniformity via common regulatory rules?
The particular focus of this book is financial resource requirements. There is currently an active debate about the role capital requirements should play in asset management, particularly in the European context. In order to address this issue, the authors argue that it is necessary to understand the nature of the asset management business in different countries and the risks that it faces. They therefore discuss how the asset management business operates; how it is organized; the nature and size of risks in the business, who bears them,
and how they are financed; and what the alternative forms of investor protection are, together with their associated costs and benefits.
Readership: Academics and students involved in the analysis of financial markets and regulation as well as practitioners in financial institutions and regulatory authorities
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Julian Franks, Corporation of London Professor of Finance, London Business School, Colin Mayer, Peter Moores Professor of Management Studies at the Saïd Business School; Director of the Oxford Financial Research Centre, and Luis Correia da Silva, Director, Oxford Economic Research Associates Ltd.
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1: Introduction
2: The Policy Implications
3: Summary of Research Findings
4: The Assets under Management: Europe and the USA
5: The Industry Structure: Europe and the USA
6: The Regulatory Framework
7: The Regulation of Investment Management Services in the USA
8: The Basel Committee's Proposals on a Capital Charge for Operational Risk
9: Survey of European Asset Managers
10: A Case Study in Authorized Collective Schemes
11: Literature Review
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The specification in this catalogue, including without limitation price, format, extent, number of illustrations, and month of publication, was as accurate as possible at the time the catalogue was compiled. Occasionally, due to the nature of some contractual restrictions, we are unable to ship a specific product to a particular territory. Jacket images are provisional and liable to change before publication.
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