Independent asset managers lag bank, insurer-owned peers on op risk
Capital rules have incentivised bank- and insurance company-owned asset managers to enhance their operational risk functions. Meanwhile, independent money managers have fallen behind the curve
Asset managers have maintained a united front in their campaign to ward off the threat of bank-style regulation, replete with capital charges for credit, liquidity, market and operational risks. As an agency business, asset management does not pose a systemic risk, they argue – and convincingly so. Yet the co-ordinated lobbying effort masks an important divide – many of the world's largest asset
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