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Overview of Asset Management

In: Fundamentals of Institutional Asset Management

Author

Listed:
  • Frank J. Fabozzi
  • Francesco A. Fabozzi

Abstract

Asset management is the process of managing the funds of clients. Other terms commonly used to describe this process are investment management, portfolio management, and money management. Accordingly, the individual who manages a portfolio of investments is referred to as an asset manager, investment manager, portfolio manager, or money manager. We will use these terms interchangeably throughout this book. In industry jargon, an asset manager “runs money”. The 10 largest asset management firms in the world based on assets under management (AUM) in U.S. dollars as of the first quarter of 2019 are (1) BlackRock ($6.84 trillion AUM), (2) The Vanguard Group ($5.6 trillion AUM), (3) Charles Schwab ($3.7 trillion), (4) JPMorgan Chase ($1.9 trillion AUM), (5) State Street Global Advisors ($3.12 trillion AUM), (6) Fidelity ($3.0 trillion AUM), (7) Allianz Global Investors ($2.5 trillion AUM), (8) PIMCO ($1.9 trillion AUM), (9) BNY Mellon ($1.9 trillion AUM), and (10) Amundi ($1.71 trillion AUM) Lemke [2019]. The largest 20 asset management firms in the world have a combined AUM of $44.9 trillion. Of the top 20, 12 are headquartered in the United States, three in France, two in Switzerland, and two in Germany (Fischer [2019])…

Suggested Citation

  • Frank J. Fabozzi & Francesco A. Fabozzi, 2020. "Overview of Asset Management," World Scientific Book Chapters, in: Fundamentals of Institutional Asset Management, chapter 1, pages 3-26, World Scientific Publishing Co. Pte. Ltd..
  • Handle: RePEc:wsi:wschap:9789811221590_0001
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    Keywords

    Investment Risks; Investment Vehicles; Portfolio Theory; Asset Pricing Theory; Mean-Variance Analysis; Measuring Return; Measuring Risk; Company Equity Analysis; Equity Valuation Models; Common Stock Alpha Strategies; Common Stock Beta Strategies; Smart Beta Strategies; Factor Investing; Equity Indexing; Equity Derivatives; Bond Analytics; Bond Pricing; Interest Rate Risk; Duration; Interest Rate Derivatives; Credit Derivatives; Multi-Asset Portfolio Strategies; Collective Investment Vehicles; Alternative Assets;
    All these keywords.

    JEL classification:

    • G3 - Financial Economics - - Corporate Finance and Governance
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G1 - Financial Economics - - General Financial Markets

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