Joaquín López Pascual, Santiago Camarero Aguilera (2017). Nº14 «On asset managers, hedge funds and ETFs», in The IEB Aestimatio. International Journal of Finance, pp 26-45.
The returns generated by the traditional asset management industry do not justify the current fees charged. An «excessive» reward for the risk taken leads to the assumption of disproportionate risks and to a non-efficient allocation of resources. This situation has been become more evident with the appearance of low-cost index-tracking funds, such as exchange-traded funds (ETFs) and robo-advisors, which are favoured in the current low-return, low-volatility and high-correlation investment climate. However, the market cannot be entirely made up of index funds with no discrimination; this would ultimately lead to a massive misallocation of capital.
In this context, the traditional asset management and hedge fund industries need to evolve and adapt to the new environment that requires more transparency, lower fees and new pay structures with more robust set ups.
https://dialnet.unirioja.es/servlet/articulo?codigo=6635573
orcid.org/0000-0002-6236-9853
Esta obra está bajo una licencia de Creative Commons Reconocimiento-CompartirIgual 4.0 Internacional.
Síguenos en