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Investment Funds, Markets Liquidity and the Investor Financial Risks International Forum

Investment Funds, Markets Liquidity and the Investor Financial Risks International Forum Paris Europlace Institute of Finance 21 March 2016 David Lawton, Director of Markets Policy & International, FCA. 1. Investment Funds, Markets Liquidity and the Investor. Introduction

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Investment Funds, Markets Liquidity and the Investor Financial Risks International Forum

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  1. Investment Funds, Markets Liquidity and the Investor Financial Risks International Forum Paris Europlace Institute of Finance 21 March 2016 David Lawton, Director of Markets Policy & International, FCA 1

  2. Investment Funds, Markets Liquidity and the Investor • Introduction • Background on the debate • History • A focus on asset managers • Funds or fund managers? • Potential sources of risk • What work is being done to consider these risks? • Fund liquidity • Market liquidity • FCA economists’ research • The investor angle – expectations, behaviour and disclosure • Investor behaviour • Disclosure • Outcomes • Conclusion 2

  3. Investment Funds, Markets Liquidity and the Investor • Introduction • Background on the debate • History • A focus on asset managers • Funds or fund managers? • Potential sources of risk • What work is being done to consider these risks? • Fund liquidity • Market liquidity • FCA economists’ research • The investor angle – expectations, behaviour and disclosure • Investor behaviour • Disclosure • Outcomes • Conclusion 3

  4. Investment Funds, Markets Liquidity and the Investor • Introduction • Background on the debate • History • A focus on asset managers • Funds or fund managers? • Potential sources of risk • What work is being done to consider these risks? • Fund liquidity • Market liquidity • FCA economists’ research • The investor angle – expectations, behaviour and disclosure • Investor behaviour • Disclosure • Outcomes • Conclusion 4

  5. Investment Funds, Markets Liquidity and the Investor • Introduction • Background on the debate • History • A focus on asset managers • Funds or fund managers? • Potential sources of risk • What work is being done to consider these risks? • Fund liquidity • Market liquidity • FCA economists’ research • The investor angle – expectations, behaviour and disclosure • Investor behaviour • Disclosure • Outcomes • Conclusion 5

  6. Investment Funds, Markets Liquidity and the Investor • Introduction • Background on the debate • History • A focus on asset managers • Funds or fund managers? • Potential sources of risk • What work is being done to consider these risks? • Fund liquidity • Market liquidity • FCA economists’ research • The investor angle – expectations, behaviour and disclosure • Investor behaviour • Disclosure • Outcomes • Conclusion 6

  7. Investment Funds, Markets Liquidity and the Investor • Introduction • Background on the debate • History • A focus on asset managers • Funds or fund managers? • Potential sources of risk • What work is being done to consider these risks? • Fund liquidity • Market liquidity • FCA economists’ research • The investor angle – expectations, behaviour and disclosure • Investor behaviour • Disclosure • Outcomes • Conclusion 7

  8. Investment Funds, Markets Liquidity and the Investor • Introduction • Background on the debate • History • A focus on asset managers • Funds or fund managers? • Potential sources of risk • What work is being done to consider these risks? • Fund liquidity • Market liquidity • FCA economists’ research • The investor angle – expectations, behaviour and disclosure • Investor behaviour • Disclosure • Outcomes • Conclusion 8

  9. Investment Funds, Markets Liquidity and the Investor • Introduction • Background on the debate • History • A focus on asset managers • Funds or fund managers? • Potential sources of risk • What work is being done to consider these risks? • Fund liquidity • Market liquidity • FCA economists’ research • The investor angle – expectations, behaviour and disclosure • Investor behaviour • Disclosure • Outcomes • Conclusion 9

  10. Investment Funds, Markets Liquidity and the Investor • Introduction • Background on the debate • History • A focus on asset managers • Funds or fund managers? • Potential sources of risk • What work is being done to consider these risks? • Fund liquidity • Market liquidity • FCA economists’ research • The investor angle – expectations, behaviour and disclosure • Investor behaviour • Disclosure • Outcomes • Conclusion 10

  11. Investment Funds, Markets Liquidity and the Investor • Introduction • Background on the debate • History • A focus on asset managers • Funds or fund managers? • Potential sources of risk • What work is being done to consider these risks? • Fund liquidity • Market liquidity • FCA economists’ research • The investor angle – expectations, behaviour and disclosure • Investor behaviour • Disclosure • Outcomes • Conclusion 11

  12. Investment Funds, Markets Liquidity and the Investor • Introduction • Background on the debate • History • A focus on asset managers • Funds or fund managers? • Potential sources of risk • What work is being done to consider these risks? • Fund liquidity • Market liquidity • FCA economists’ research • The investor angle – expectations, behaviour and disclosure • Investor behaviour • Disclosure • Outcomes • Conclusion 12

  13. Investment Funds, Markets Liquidity and the Investor • Introduction • Background on the debate • History • A focus on asset managers • Funds or fund managers? • Potential sources of risk • What work is being done to consider these risks? • Fund liquidity • Market liquidity • FCA economists’ research • The investor angle – expectations, behaviour and disclosure • Investor behaviour • Disclosure • Outcomes • Conclusion 13

  14. Investment Funds, Markets Liquidity and the Investor • Introduction • Background on the debate • History • A focus on asset managers • Funds or fund managers? • Potential sources of risk • What work is being done to consider these risks? • Fund liquidity • Market liquidity • FCA economists’ research • The investor angle – expectations, behaviour and disclosure • Investor behaviour • Disclosure • Outcomes • Conclusion 14

  15. Investment Funds, Markets Liquidity and the Investor • Introduction • Background on the debate • History • A focus on asset managers • Funds or fund managers? • Potential sources of risk • What work is being done to consider these risks? • Fund liquidity • Market liquidity • FCA economists’ research • The investor angle – expectations, behaviour and disclosure • Investor behaviour • Disclosure • Outcomes • Conclusion 15

  16. Investment Funds, Markets Liquidity and the Investor • Introduction • Background on the debate • History • A focus on asset managers • Funds or fund managers? • Potential sources of risk • What work is being done to consider these risks? • Fund liquidity • Market liquidity • FCA economists’ research • The investor angle – expectations, behaviour and disclosure • Investor behaviour • Disclosure • Outcomes • Conclusion 16

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