The Law of Institutional Investment Management

The Law of Institutional Investment Management fills a gap for a work that describes the custom and practice of the investment management business with reference to both English and New York law. The work addresses the implementation of investment strategies by the manager, the infra-structure of the global financial markets (trading, clearing and settlement), and the custody and administration of the assets which are entrusted to the manager. In this context, the book seeks to define the various risks and pitfalls that confront the institutional participants in the financial markets, with an emphasis on the position (and protection) of the institutional investor. Three focal points are looked at in detail: (i) a description of the investment management industry and the infra-structure of the financial markets; (ii) an analysis of the professional responsibility of the investment manager for the making of investment decisions; and (iii) an analysis of the professional responsibility of the investment manager for: implementing investment decisions through the use of broker-dealers ("front office" activities), and settling trades through the client's custodian ("back-office" activities).