Download PDF by misc. authors: Foundations of Financial Markets and Institutions

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ISBN-10: 1292021772

ISBN-13: 9781292021775

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10. 32 Financial Institutions, Financial Intermediaries, and Asset Management Firms plus a fee of 20% of the return earned on those assets. The criterion for determining a performance-based fee varies. , some index for the asset class) established by the client. Types of funds managed by asset management firms include: • • • • • regulated investment companies insurance company funds separately managed accounts for individuals and institutional investors pension funds hedge funds Asset management firms are typically involved in managing the assets of several of the above.

The strategies used by a hedge fund can include one or more of the following: • leverage, which is the use of borrowed funds • short selling, which is the sale of a financial instrument not owned in anticipation of a decline in that financial instrument's price • arbitrage, which is the simultaneous buying and selling of related financial instruments to realize a profit from the temporary misalignment of their prices • risk control, which involves the use of financial instruments such as derivatives to reduce the risk of loss 11 Report of The President's Work Group on Financial Markets, Hedge Funds, Leverage, and the Lessons of Long-Term Capital Management, April 1999, p.

The spread income should allow the institution to meet operating expenses and earn a fair profit on its capital. In generating spread income a depository institution faces several risks. These include credit risk, regulatory risk, and interest rate risk. Credit risk, also called default risk, refers to the risk that a borrower will default on a loan obligation to the depository institution or that the issuer of a security that the depository institution holds will default on its obligation. Regulatory risk is the risk that regulators will change the rules so as to adversly impact the earnings of the institution.

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Foundations of Financial Markets and Institutions by misc. authors


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