TY - JOUR T1 - Growth in the Global Institutional Asset Management Industry: <em>Structure, Conduct, Performance</em> JF - The Journal of Investing SP - 53 LP - 71 DO - 10.3905/joi.2011.20.3.053 VL - 20 IS - 3 AU - Ingo Walter Y1 - 2011/08/31 UR - https://pm-research.com/content/20/3/53.abstract N2 - This article examines the industrial organization and institutional development of the global asset management industry. It identifies the key components of the “buy side” of financial markets in terms of its four principal domains: pension funds, mutual funds, discretionary alternative assets, and insurance companies. It points out that various kinds of financial firms have emerged to perform asset management functions: commercial banks, savings banks, postal savings institutions, savings cooperatives, credit unions, securities firms (full-service firms and various kinds of specialists), insurance companies, finance companies, finance subsidiaries of industrial companies, mutual fund companies, hedge fund financial advisers, and various others. Members of each strategic group compete with each other, as well as with members of other strategic groups. The article addresses two key questions. First, what determines competitive advantage in operating distribution gateways to the end investor? Second, what determines competitive advantage in the asset management process itself?TOPICS: Financial crises and financial market history, manager selection, in wealth management ER -