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Principles and policies for in-house asset management

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Abstract

Spurred on by the recent financial crises, a growing number of institutional investors are working to bypass traditional financial intermediaries, agents and centers through the development of in-house teams of investment professionals. As such, the institutional investment community, which is often characterized by broadly diversified and outsourced organizations, is becoming much more involved in the day-to-day asset management of their portfolios. Research shows that this new path offers a variety of important benefits, including higher net-of-fee returns. And yet, there remain significant pitfalls as well. In this paper, we outline the challenges facing would-be “in-sourcers” and offer a series of principles and policies for effective in-house asset management. Drawing on 20 case studies, we conclude that successful in-house asset management is a function of the people, processes, systems and overall resources at the disposal of management.

Suggested Citation

  • Clark, Gordon & Monk, Ashby, 2013. "Principles and policies for in-house asset management," Journal of Financial Perspectives, EY Global FS Institute, vol. 1(3), pages 39-47.
    • Handle: RePEc:ris:jofipe:0036
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    More about this item

    Keywords

    Institutional investors; in-house asset management; asset management; pension funds;
    All these keywords.

    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors

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