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The Development of the Institutional Investor: The Case of Australian Life Insurers 1945–85

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  • Monica J. Keneley

Abstract

This paper considers the post‐war development of asset management practices among Australian life insurers, which have historically been among the largest institutional investors in Australia. A complex process of adaptation and organisational restructuring allowed life insurers to transform from basic investors of policy‐holders’ funds to large multifaceted institutional investors in just three decades. Three stages in the development of investment practices are identified. These phases trace the process of expanding existing knowledge bases; diversification; and the acquisition of new skills; consolidation and the integration of these skills into institutional structures; thus completing one cycle of organisational learning and setting the stage for the next.

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  • Monica J. Keneley, 2012. "The Development of the Institutional Investor: The Case of Australian Life Insurers 1945–85," Australian Economic History Review, Economic History Society of Australia and New Zealand, vol. 52(3), pages 270-292, November.
    • Handle: RePEc:bla:ozechr:v:52:y:2012:i:3:p:270-292
    DOI: 10.1111/j.1467-8446.2012.00357.x
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    References listed on IDEAS

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    1. A. R. Hall, 1958. "Institutional Investment In Listed Company Securities," The Economic Record, The Economic Society of Australia, vol. 34(69), pages 375-389, December.
    2. M. J. Keneley, 2009. "Organisational capabilities and the role of routines in the emergence of a modern life insurer: The story of the AMP," Business History, Taylor & Francis Journals, vol. 51(2), pages 248-267.
    3. Ian W. Mclean, 2004. "Australian Economic Growth in Historical Perspective," The Economic Record, The Economic Society of Australia, vol. 80(250), pages 330-345, September.
    4. Baker, Mae & Collins, Michael, 2003. "The asset portfolio composition of British life insurance firms, 1900 1965," Financial History Review, Cambridge University Press, vol. 10(02), pages 137-164, October.
    5. G. Clayton & W. T. Osborn, 1958. "Insurance Companies And The Finance Of Industry," Oxford Economic Papers, Oxford University Press, vol. 10(1), pages 84-97.
    6. William F. Sharpe, 1964. "Capital Asset Prices: A Theory Of Market Equilibrium Under Conditions Of Risk," Journal of Finance, American Finance Association, vol. 19(3), pages 425-442, September.
    7. Monica Keneley, 2006. "Mortgages and bonds: The asset management practices of Australian life insurers to 1960," Accounting History Review, Taylor & Francis Journals, vol. 16(1), pages 99-119.
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    Cited by:

    1. Grant Fleming & Frank Liu & David Merrett & Simon Ville, 2021. "The Australian corporate bond market before credit ratings, 1915-83," CEH Discussion Papers 03, Centre for Economic History, Research School of Economics, Australian National University.

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