Asset Management and Institutional Investors

This second edition of the book analyses the latest developments in investment management policy for institutional investors. It is divided into four parts, which have been updated to include the newest approaches and strategies in asset allocation, portfolio management and performance evaluation. The first part analyses the different types of institutional investors, i.e. institutions that professionally manage portfolios of financial and real assets on behalf of a wide range of individuals. This part goes on with an in-depth analysis of the economic, technical and regulatory characteristics of the various categories of investment funds and of other types of asset management products, which have a high rate of substitutability with investment funds and represent their natural competitors. The second part of the book identifies and investigates the stages of the investment portfolio management. Given the importance of strategic asset allocation in explaining the ex post performance of