EAN: 9783319847580

PALGRAVE STUDIES IN THE HISTORY OF FINANCE TH...

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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