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Institutional investors (insurance companies, investment companies and pension funds) have been gaining in importance in both OECD and non-OECD countries. The institutionalisation of savings is having a profound impact on the structure and functioning of capital markets. Institutional investors are the main forces shaping the new financial landscape. This publication gives a comprehensive overview of the major driving forces behind recent trends, future prospects, financial market implications as well as regulatory and supervisory challenges related to the rise in institutional assets.
这是介绍OECD机构投资者的一本书，除了有比较概括的介绍，还有比较详细的一些国家的介绍，特别是每个国家的养老基金和保险机构。
Part I OVERVIEW AND KEY POLICY ISSUES
Chapter I Introduction to Institutional Investors
and Institutional Investing
by Hans Blommestein and Norbert Funke ....................................... 15
Introduction........................................................................................................... 15
1. Institutional Investors Across Countries ............................................................. 17
2. Investment Pattern and Financial Market Behaviour of Institutional Investors ... 21
2.1 Overview ..................................................................................................... 21
2.2 Asset allocation ........................................................................................... 21
2.3 Investment strategies ................................................................................... 22
2.4 Future challenges ......................................................................................... 23
3. Risk Management and Regulatory and Supervisory Infrastructure ..................... 24
Chapter II Impact of Institutional Investors on Financial Markets
by Hans Blommestein..................................................................... 29
Introduction........................................................................................................... 29
1. Overview of the Growth of the Institutional Sector ............................................ 30
1.1 The growing financial importance of institutional investors
in OECD countries..................................................................................... 30
1.2 Forces shaping the role, structure and modus operandi
of institutional investors ............................................................................. 34
1.3 The role of professional fund managers in portfolio management ................ 35
1.4 Regulation and supervision of the institutional sector .................................. 36
2. The Impact of Institutional Investors on Financial Markets ................................ 38
2.1 Market liquidity, financial system structure and new financial products ....... 40
2.2 The impact of fund management and trading and investment strategies ....... 44
2.3 Stability and volatility of financial markets ................................................. 49
2.4 International diversification of portfolios of institutional investors .............. 53
2.5 The supply of risk capital ............................................................................. 56
2.6 Institutional investors, corporate governance and financial markets ............. 59
Annex Basic Characteristics and Information
on Institutional Investors in OECD Countries ............................................ 69
Notes....................................................................................................................... 100
Part II GROWING IMPORTANCE OF INSTITUTIONAL INVESTORS
ACROSS OECD REGIONS AND IN EMERGING MARKETS
A. NORTH AMERICA
Chapter III Perspectives On The US Asset Management Business
by Milton R. Berlinski and Simon R. A. Western ......................... 109
Introduction......................................................................................................... 109
1. Demographics ................................................................................................. 112
2. Retail sector .................................................................................................... 116
3. Retirement sector ............................................................................................ 120
4. Regulation ....................................................................................................... 124
5. The Future of the US Asset Management Industry ........................................... 126
6. The Asset Management Industry In The Twenty First Century ........................ 128
Chapter IV Institutionalisation, ‘Retailisation,’ and Shifting Responsibilities:
The Canadian Experience
by Thomas A. Hockin................................................................... 131
Introduction......................................................................................................... 131
1. Guaranteed Investment Products to Fluctuating Instruments,
Especially Equities .......................................................................................... 132
2. Bank Deposits to Money Market Mutual Funds or Other Products ................... 133
3. Domestic Investments to Global Diversification .............................................. 136
4. Defined Employer Pensions to Private Savings ................................................ 136
5. Registered Retirement Savings Plans in Canada .............................................. 137
6. Institutional Control of Individual Companies ................................................. 139
7. Conclusions ..................................................................................................... 140
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