The authors address an issue that is both essential and circumstantial.
Essential because it presents the strategies, players and management systems of financial and alternative assets for the accounts of private and public savers and They clearly demonstrate that the various assets (regulated shares, private equity instruments, public and private bonds, derivatives, real estate assets, works of works of art, etc.) are subject to risk-return principles, time horizons horizons and liquidity patterns that vary according to the type of activity, the amount saved or the type of investment, the state and depth of the market, the status and the profile of the saver or investor.
Circumstantial, because asset management has to contend with recurring crises of various natures – financial, economic, property, social, etc. – as well as regulatory and fiscal instability, at national and/or international level. In France, asset managers also currently have the priority to direct household savings towards products that finance productive investments and not just the servicing of public and private debt.
The authors focus in particular on showing how major asset managers can better contribute to regulating and stabilising markets, by diversifying the various types of risk. However, they partly avoid the the question of the impacts of artificial intelligence on the profession of asset manager, who is both a market analyst and an adviser to decision-makers.
Pierre CLAUSS is an expert in banking risks and a financial engineer. Fabrice PANSARD is an academic and a banking and finance consultant.
Jean-Jacques Pluchart