Undergraver store kapitalforvaltningsselskaber den finansielle stabilitet?

Den amerikanske myndighed, der overvåger den finansielle stabilitet, The FSOC, har vurderet kapitalforvaltningsindustriens eventuelle påvirkning af den finansielle stabilitet. Det har givet anledning til en rapport med titlen: “Asset and Financial Stability”, som påpeger flere svagheder: “(1) “reaching for yield” and herding behaviors; (2) redemption risk in pooled investment vehicles; (3) leverage; and (4) firm-level (or fund complex-level) risk management and operations (including management of reputational risks and correlated risks in different asset management products). The OFR theorized that these vulnerabilities could lead to disruptions in markets caused by fire sales; adversely affect counterparties, creditors, service providers and investors; and affect other business lines of the asset manager that are interconnected with the asset management business.”