Asset managers have to deal with a whole range of risks: systematic, non-systematic, tracking, currency, default and liquidity, to name but a few. But the biggest risk of them all is investment risk. And the bad news is that the liability is with the asset manager rather than the investor.
Investment risk is the risk the asset manager takes in holding securities outside those permitted by the client or the regulator.
The costs associated with investment risk have increased exponentially in re
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