JLP WorkGroup. Economía y Finanzas.
Web educativa Prof Dr Joaquín López Pascual.
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Camarero Aguilera, Santiago. López Pascual, Joaquín
The asset management industry is going through a profound restructuring process driven by the growing prominence of passive strategies and ETFs in a low return world. The industry plays a vital role in helping institutions and individuals meet their future financial needs, and in a low interest rate, low return world, this is more important than ever. Finding solutions to an ever-increasing demand for income remains a critical challenge for the industry.
In this context, the traditional asset management and hedge fund industries need to evolve and to adapt to the new environment that requires more transparency, new lower fees and new pay fee structures with more robust set ups.
Particularly relevant is the fee problem. The returns generated by the traditional asset management industry, and especially hedge funds, do not justify the current fees charged.
This issue has become very obvious with the appearance of new, cheaper funds such as ETFs and robo-advisors. On the one hand, it is true that an asymmetric and “excessive” reward for the risk taken leads to the assumption of disproportionate risks and to a non-efficient allocation of resources; on the other hand, the current low return/low volatility/high correlation investment climate favours low-cost indextracking funds over active managers…
Artículo completo, AESTIMATIO THE IEB INTERNATIONAL JOURNAL OF FINANCE , leer: AQUÍ