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The European asset management industry has witnessed a solid growth in recent years. Despite the significant steps taken in the past decade (UCITS, AIFMD, PRIPS and KIID), the European asset management sector remains highly fragmented, resulting in suboptimal size of funds and higher costs for investors. Much more needs to be done in order to achieve a truly pan-European market that is competitive, attractive and transparent vis-á-vis its investors (in particular the retail segment).
The growth of the asset management sector has directed policy-makers’ attention towards the industry’s business model and the different risks involved, whether risks to the system, risks to individual institutions or risks faced by clients. As investment banks exit fundamental areas of the financial system, such as securities and provision of market liquidity, the asset management industry is expected to respond and potentially even to change the way financial markets work.
Asset managers are also facing unprecedented challenges in meeting investors' ever-rising expectations against a prolonged low-yield environment. At a systemic risk level, the understanding of the interconnectedness of asset management activities with the rest of the financial system is still developing. This may result in a revision of the current prudential framework.
Speakers: Jose M. Martinez Sierra, Jean Monnet ad Personam Professor in EU Law and Government and RCC Director; Cesar Alvarez Alonso, Advisor, European Association for International Education; Antonio Serrano Acitores, Attorney at Law; Director, Executive Master in Entrepeneurship & Startups and Coordinator, LLM in Ïnternational Transactions, Garrigues.