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Institutional Investors E. Philip Davis and Benn Steil  Table of Contents and Sample ChaptersOne of the most important recent developments in financial markets is the institutionalization of saving associated with the growth of pension funds, life insurance companies, and mutual funds. An increasing proportion of household saving is now managed by professional portfolio managers instead of being directly invested in the securities markets or held in the form of bank deposits. With the aging of the population and its adverse impact on public pension systems, the shift of individual savings to institutional investors is likely to become even more marked in the coming years. This book provides a comprehensive economic assessment of institutional investment. It charts the development and performance of the asset management industry and analyzes the implications of rising institutionalized saving for the development of the securities trading industry, the financial sector as a whole, and the wider economy. The book draws extensively on international experience, particularly in the United States, Western Europe, and Japan. About the Authors E. Philip Davis is Professor of Economics and Finance at Brunel University and Visiting Fellow at the National Institute of Economic and Social Research, London. Benn Steil is André Meyer Senior Fellow and Director of International Economics at the Council on Foreign Relations and Editor of the journal International Finance.
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