Investment Management after the Global Financial Crisis

From mid-2007 through the first quarter of 2009, financial markets were shaken by a series of shocks. The first was the shock in the summer of 2007 in which liquidity dried up and the subprime mortgage crisis began. Then, following the collapse of Lehman Brothers in September 2008, the financial markets began a slide that caused major indices, such as the S&P 500 Index and the MSCI Index, to lose more than half their value compared with their highs in 2007. By the end of the first quarter of 2009, most investors had suffered serious losses and asset management firms were in survival mode. With this scenario in mind, the Research Foundation of CFA Institute commissioned the authors to research how the financial crisis affected and will continue to affect investment management decisions and processes as well as the investment management industry itself. This book is the result.