Houda Allal, Ole Løfsnes, Thomas Niesor, Matteo Urbani and Berit Tennbakk
Steven Arnold, Arno Behrens, Christian Egenhofer, Alistair Hunt, Anil Markandya and Adriaan van der Welle
Luke Brander, El Hadji Fall, Rainer Friedrich, Onno Kuik, Kristin Magnussen and Stefan Hirschberg
Investment Funds and the Crisis in Financial Markets
This multi-faceted analysis of institutional investment defines ‘fiduciary finance’ institutions as the third pillar of the financial system, alongside banks and insurers. It documents the role played by investment funds and the money management industry during the recent financial crisis, and provides an unashamedly critical review of the business disciplines which can dominate investment practices. It clarifies the economic significance of the investment industry (circa $60 trillion in assets) and the features which differentiate fiduciary finance from traditional financial institutions such as banks and insurers.