The global asset management industry has encountered large difficulties in recent years. After the credit crisis of 2008-2009, asset managers are now finding themselves in a new phase while the industry is undergoing major changes. The sector has suffered tremendously, as financial markets tumbled, and liquidity, once abundant, became either highly restricted or non-existent. Even when the markets recover, the same level of liquidity and wealth is not expected to be the norm again. The book addresses the current challenges faced by asset managers. The focus is mainly on the operational aspects of the global asset management industry: its costs and its productivity. In preparing for the uncertainties of the short-term as well as for the long-term growth opportunities, each investment management institution must focus on its cost effectiveness while being as productive as possible. A renewed focus must be set on fundamental disciplines such as risk and cost management. The authors discuss processes, costs, productivity and operational risk issues and examine their interrelationships.
Industry experts and specialists provide valuable insights in dealing with pertinent general managerial, technological and cost models. Representatives from academia and the industry present and analyse data collected that leads to interesting new conclusions and recommendations on how to address the challenges faced. The book has been written with management of the global asset management industry in mind. The contents of the volume will also be highly relevant for everyone else with an interest in industry, be it researchers or students. With the insights obtained from this volume, several interesting directions for future research and development become apparent which could stimulate new studies either of a theoretical nature or of a more applied and empirical nature.
MICHAEL PINEDO has an Ir. degree in Mechanical Engineering from the Delft University of Technology, the Netherlands, and M.Sc. and Ph.D. degrees in Operations Research from the University of California. He is currently the Julius Schlesinger Professor of Operations Management and Chair of the Department of Information, Operations and Management Sciences at the Stern School of Business at New York University. Michael Pinedo's current research focuses on the modelling and analysis of service systems, with an emphasis on Total Quality Management (TQM) and operational risk. He has written, or jointly written, numerous technical papers on these topics and is the author of several books. Michael Pinedo has consulted extensively for manufacturing companies as well as financial services companies, for instance as a consultant for many years at Goldman Sachs, advising on issues involving operational risk. Currently, Michael is editor of the Journal of Scheduling (Springer) and associate editor of the Journal of Operational Risk.