Revisiting the European Asset Management Industry
Financial Markets, Institutions & Instruments, Vol. 20, Issue 4, pp. 163–190
Posted: 6 Mar 2011 Last revised: 18 Jan 2012
Date Written: March 3, 2011
During the last decade, economic integration, geopolitical developments and regulatory change have transformed the European asset management industry. But while the industry has evolved, academic research has not kept pace. During the last ten years or so, the lack of systematic research on the structural dimensions of the asset management industry is striking. This article fills this gap by providing a comprehensive overview of the European asset management industry at the end of the first decade of the 21st century. We seek to provide explanations to the various differences observed between European countries. Using prior research as a basis, we also compare the characteristics of the industry to their standing at the turn of the century. This includes assessing whether and to what extent the forecasts provided in prior research did materialize. Finally, we ourselves offer a number of prognoses on the development of the European asset management over the coming years.
Keywords: asset management, investment funds, fund industry, UCITS, discretionary mandates, asset allocation
JEL Classification: G20, L1, L11, L22
Suggested Citation: Suggested Citation