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

Delve into the complexities of investment funds, market liquidity, and investor risks with a focus on asset managers and potential sources of risk. Explore ongoing research, investor behavior, and disclosure practices to understand outcomes.

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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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