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Institutional Investment Flows and the Regions of the UK: a Case for a New Financial Infrastructure?

In: Bank Strategies and Challenges in the New Europe

Author

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  • Jonathan Williams

Abstract

The UK financial system has evolved from a bank-oriented phase (circa 1930–1970) via a market-oriented era (circa 1970–1986) through to the present securitised system (from 1986) (Rybczynski 1988). One key feature of the post-1970 era is the emergence and eventual dominance of the industrial structure by institutional investors: first, through the separation of ownership and management functions; and second, as an institutional market for corporate control emerges in which economic power was further lodged in the hands of institutional investment managers (Gentle 1993). Since the bank-oriented era ended in 1970, the market share of institutional investors has virtually doubled. In fact, the UK capital markets are now dominated by institutional investors. The market value of the net total assets of institutional investors amounted to £1224 billion in 1995 (Office for National Statistics 1997a), a figure more than three times greater than it was at the start of the securitised phase in 1986 (Williams 1996).2

Suggested Citation

  • Jonathan Williams, 2001. "Institutional Investment Flows and the Regions of the UK: a Case for a New Financial Infrastructure?," Palgrave Macmillan Books, in: Edward P. M. Gardener & Peter C. Versluijs (ed.), Bank Strategies and Challenges in the New Europe, chapter 9, pages 164-192, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-333-99276-0_9
    DOI: 10.1057/9780333992760_9
    as

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