Pension Fund Capitalism by Clark

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Summary

Pension fund assets are truly astronomical. But little is known about their functions, structures, and modes of decision making. This book attempts to fill the gap through a theoretically informed account of Anglo-American pension funds set in context with current debates about the role of government policy and the roles and responsibilities of pension funds

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Pension Fund Capitalism by Clark

The growth of pension funds has been nothing short of astronomical. Pension funds now dominate the world's financial markets, affecting nations' wealth, community development, and industrial well being. Yet little is known about their structure and organization. Pension funds and their agents in the investment industry control enormous sums of money, profoundly affecting the structure and performance of nation-states and the global economy. At the same time, it is also apparent that many western governments are retreating from the provision of 'public good' once thought essential to the fabric of urban life. Clark agues that if we are to understand the long-term future of the western economies (in general) and our communities (in particular), we need also to understand how institutional investors allocate assets, mobilize funds, and make investment decisions. There are few studies of the relationship between pension funds and the financial services industry. Pension Fund Capitalism fills an important gap in the literature as well as the intersection between pension funds and public policy.
there are a number of original insights.. This is an excellent book to read to become familiar with the main public policy issues in institutional investment management and pensions. ... Something of a tour de force is the way in which Clark brings in Krugman's work on economic geography (1991) to explain the structure of the investment management industry. * Mike Orszag, Journal of Economic Geography, 1, 2001 *
Underpinning the many insights is the familiarity of the author with all aspects of the process of pension fund investment, derived from interviews in many parts of the world with trustees, consultants, investment managers and regulators. The insights derived from these interviews shines through the analytical work and ensures its ongoing relevance to real world issues. * E.Phillip Davis, Investment & Pensions Europe, Jul/Aug. 00. *
One of the rich aspects of the book is the exploration of Anglo-American law as a background for the role of pension fund trustees and their fiduciary responsiblities. This is an aspect that should be of particular interest to those in continental Europe seeking to set up pension funds from scratch. The book is also highly relevant to the UK government initiative to assess the modus operandi of institutional investment. * E. Phillip Davis, Investment & Pensions Europe, Jul/Aug. 00. *
Even those not interested directly in the topic of urban infrastructure investment ... will find the book rewarding, as a source of challenging, original thinking on fundamental issues linked to the investment of pension assets. * E. Phillip Davis, Investment & Pensions Europe, Jul/Aug. 00. *
Gordon Clark is Halford Mackinder Professor of Geography and Fellow of St Peter's College, University of Oxford.
SKU Unavailable
ISBN 13 9780199240487
ISBN 10 0199240485
Title Pension Fund Capitalism
Author Clark
Series Oxford Geographical And Environmental Studies Series
Condition Unavailable
Binding Type Paperback
Publisher Oxford University Press
Year published 2000-03-09
Number of pages 364
Cover note Book picture is for illustrative purposes only, actual binding, cover or edition may vary.