Revisiting the European Asset Management Industry

28 Pages Posted: 22 Sep 2011

See all articles by Elias Bengtsson

Elias Bengtsson

Halmstad University; Göteborg University - School of Business, Economics and Law

Bernard Delbecque

European Fund and Asset Management Association (EFAMA); Catholic University of Louvain (UCL)

Multiple version iconThere are 2 versions of this paper

Date Written: November 2011

Abstract

During the last decade, the European asset management industry has undergone a period of unprecedented change. Europe has witnessed ten years of financial integration, driven in particular by various regulatory initiatives. But Europe has also been transformed in the geopolitical sense, with 12 new Member States and millions of new citizens of the European Union. Add to that a decade of rapid globalization and one financial crisis of historical proportions. But while Europe and its financial markets have evolved and the asset management industry has transformed itself, 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 also includes assessing whether and to what extent the forecasts provided in prior research did materialize. We also try to find reasons for cases in which they did not. 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, comparative financial systems, UCITS

Suggested Citation

Bengtsson, Elias and Delbecque, Bernard, Revisiting the European Asset Management Industry (November 2011). Financial Markets, Institutions & Instruments, Vol. 20, Issue 4, pp. 163-190, 2011. Available at SSRN: https://ssrn.com/abstract=1932020 or http://dx.doi.org/10.1111/j.1468-0416.2011.00167.x

Elias Bengtsson (Contact Author)

Halmstad University ( email )

301 18 Halmstad
Sweden

Göteborg University - School of Business, Economics and Law ( email )

Vasagatan 1
Goteborg, 40530
Sweden

Bernard Delbecque

European Fund and Asset Management Association (EFAMA) ( email )

18, Square de Meeûs
Brussels, 1050
Belgium
003225133969 (Phone)

Catholic University of Louvain (UCL) ( email )

Department of Economics
B1348 Louvain-la-Neuve, 1348
Belgium

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