Overview of Asset Management

Frank J. Fabozzi and Francesco A. Fabozzi

Chapter 1 in Fundamentals of Institutional Asset Management, 2020, pp 3-26 from World Scientific Publishing Co. Pte. Ltd.

Abstract: Asset management is the process of managing the funds of clients. Other terms commonly used to describe this process are investment management, portfolio management, and money management. Accordingly, the individual who manages a portfolio of investments is referred to as an asset manager, investment manager, portfolio manager, or money manager. We will use these terms interchangeably throughout this book. In industry jargon, an asset manager “runs money”. The 10 largest asset management firms in the world based on assets under management (AUM) in U.S. dollars as of the first quarter of 2019 are (1) BlackRock ($6.84 trillion AUM), (2) The Vanguard Group ($5.6 trillion AUM), (3) Charles Schwab ($3.7 trillion), (4) JPMorgan Chase ($1.9 trillion AUM), (5) State Street Global Advisors ($3.12 trillion AUM), (6) Fidelity ($3.0 trillion AUM), (7) Allianz Global Investors ($2.5 trillion AUM), (8) PIMCO ($1.9 trillion AUM), (9) BNY Mellon ($1.9 trillion AUM), and (10) Amundi ($1.71 trillion AUM) Lemke [2019]. The largest 20 asset management firms in the world have a combined AUM of $44.9 trillion. Of the top 20, 12 are headquartered in the United States, three in France, two in Switzerland, and two in Germany (Fischer [2019])…

Keywords: Investment Risks; Investment Vehicles; Portfolio Theory; Asset Pricing Theory; Mean-Variance Analysis; Measuring Return; Measuring Risk; Company Equity Analysis; Equity Valuation Models; Common Stock Alpha Strategies; Common Stock Beta Strategies; Smart Beta Strategies; Factor Investing; Equity Indexing; Equity Derivatives; Bond Analytics; Bond Pricing; Interest Rate Risk; Duration; Interest Rate Derivatives; Credit Derivatives; Multi-Asset Portfolio Strategies; Collective Investment Vehicles; Alternative Assets (search for similar items in EconPapers)
JEL-codes: G1 G11 G3 G30 (search for similar items in EconPapers)
Date: 2020
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