Page 3 - European investment_preview

TABLE OF CONTENTS
ABOUT THE AUTHOR 9
FOREWORD 11
INTRODUCTION 15
THE ASSET MANAGEMENT LANDSCAPE: AN INTRODUCTION 17
1. Historical background 18 1.1 The origins of the asset management industry 18 1.2 The modern history of the asset management industry 20
2. The asset management industry: legislations and authorities 22 2.1 Legislations 23 2.2 Regulatory authorities 24
2.2.1 European Supervisory Authorities (ESAs) 25 2.2.1.1 European Banking Authority (EBA) 26 2.2.1.2 European Securities and Markets Authority (ESMA) 26 2.2.1.3 European Insurance and Occupational Pension
Authority (EIOPA) 28 2.2.2 European Systemic Risk Board (ESRB) 28 2.2.3 National Competent Authorities (NCAs) 29
3. The asset management industry: an overview 30 3.1 Products 31 3.1.1 Investment funds 31
3.1.1.1 Undertakings for Collective Investment in
Transferable Securities (UCITS) 33
3.1.1.2 Alternative Investment Funds (AIFs) 35 3.1.1.3 Investment funds investing in transferable securities 36 3.1.1.4 Reserved investment funds 38 3.1.1.5 Guaranteed investment funds 39
3.1.2 Managed accounts 39 3.1.3 Other products 40 3.1.3.1 Pension funds 40 3.1.3.2 Index-linked and unit-linked life insurances 42 3.1.3.3 Structured products: actively managed certificates 44 3.1.3.4 Securitisation vehicles 46 3.2 Investors 49
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