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.
Investment Funds and the Crisis in Financial Markets
Appendix A: Mathematical analysis of fund manager performance
Subjects: economics and finance, money and banking
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