Asset Management and Institutional Investors

This book analyses investment management policies for institutional investors. It is composed of four parts. The first one analyses the various types of institutional investors, institutions which, with different objectives, professionally manage portfoli

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set Management and Institutional Investors

Asset Management and Institutional Investors

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Ignazio Basile • Pierpaolo Ferrari Editors

Asset Management and Institutional Investors Foreword by Andrea Sironi

Editors Ignazio Basile Department of Economics and Management University of Brescia Brescia, Italy

Pierpaolo Ferrari Department of Economics and Management University of Brescia Brescia, Italy

ISBN 978-3-319-32795-2 ISBN 978-3-319-32796-9 DOI 10.1007/978-3-319-32796-9

(eBook)

Library of Congress Control Number: 2016945976 © Springer International Publishing Switzerland 2016 This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. Printed on acid-free paper This Springer imprint is published by Springer Nature The registered company is Springer International Publishing AG Switzerland

Foreword

It is a pleasure for me to present this book devoted to the investment management policy of institutional investors, which a group of friends and colleagues have written with great dedication and expertise, providing a methodical and in-depth perspective of a multifaceted topic that is in continuous evolution. The book is composed of four parts. The first one analyses the different types of institutional investors, institutions which, with different objectives, professionally manage portfolios of financial and real assets on behalf of a wide variety of individuals. The development factors and benefits for the financial system generated by institutional investors are identified, and a comparison is made at the international level. The first part goes on with an in-depth analysis of the economic, technical and regulatory characteristics of the different types of investment funds, assuming the perspective of a European Union investor. Management strategies, restrictions to investment policies, public documentation and charges of investment funds are explored. This section also analyses other types of asset management products which have a high rate of substitutability with