The Origins of Asset Management from 1700 to 1960: Towering Investors
- ISBN-10
- 331951850X
- ISBN-13
- 9783319518503
- Category
- Business & Economics
- Pages
- 343
- Language
- English
- Published
- 2017-04-22
- Publisher
- Springer
- Author
- Nigel Edward Morecroft
Description
This book explores the origins and development of the asset management profession in Britain as a distinct activity within financial services, independent of banks and stockbrokers. Specifically, it identifies the main individuals and institutions after 1868 who established the profession. The book draws a distinction between banks (short-term deposit-taking) and asset management (an investment service with longer-term objectives). It explains why some banks fail but asset management businesses generally do not. It argues that asset management has been socially useful and has had a beneficial impact on the development of securities markets by offering choices to savers as an alternative to banks, improving the efficiency of capital allocation, re-cycling excess savings productively and enabling a range of investors - from institutions to individuals - to benefit from thoughtful, long-term investing.
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