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The Role of Asset Owners in the Market for Investment Research: Where Are the Fiduciary Capitalists?

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Abstract

Fiduciary capitalists, such as leading pension plans and en- dowments, can be in uential in aligning the interests of asset management rms with their clients. In the market connecting investment professionals with the information they need to meet client goals, we identify numerous con icts of interest, but nd little action has been taken by asset owners. Inter- est in the obscure practices surrounding the use of dealing commissions for research has heightened since 2014 due to regulatory scrutiny in the U.K. and the impending implementa- tion of the second Markets in Financial Instruments Directive (MiFID II) in Europe. The authors make recommendations to guide asset managers and asset owners through a complex information market during this time of dramatic change.

Suggested Citation

  • Haig, Alistair, 2017. "The Role of Asset Owners in the Market for Investment Research: Where Are the Fiduciary Capitalists?," Journal of Financial Transformation, Capco Institute, vol. 45, pages 129-135.
    • Handle: RePEc:ris:jofitr:1585
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    More about this item

    Keywords

    institutional Investors; investment research; governance; MiFIDII; asset management;
    All these keywords.

    JEL classification:

    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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