Asset managers, sometimes called investment managers or money managers, make broad investment decisions like asset allocation to achieve the investment goals of pooled funds. Unlike fund managers, who can also manage private individual capital, asset managers tend to specialize in collective investments.
The Asset Management Group (AMG) of industry body the Securities Industry and Financial Markets Association (SIFMA) calls itself "the voice for the buy side within the securities industry and the broader financial markets" and works with SIFMA's broker-dealers "to resolve commmon concerns." The AMG also advocates for the industry's buy side with Congress and regulators. The AMG recently elected SIFMA board member and PIMCO managing director and COO Richard M. Weill as its new chairman.
The fortunes of asset managers are closely tied to the capital markets, as an equities rally in August 2008 illustrated. As broad stock markets improved and commodities sagged, shares of U.S. firms specializing in asset management like Piper Jaffray and Legg Mason each rose more than five percent in one day (August 11), while rivals BlackRock, Jefferies & Co. and Ameriprise Financial also jumped noticeably the same day.
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- Asset manager stocks climb on improved equities market. Associated Press.