6  This estimate of assets under management, taken from IMF (2015), is based on the world’s top 500 asset managers at the end of 2013. It includes some double-counting due to cross-investment among asset managers. 7  See Cheshire (2015). 8  See FSB & IOSCO (2015), FSOC (2013) and IMF (2015).
4  BIS central bankers’ speeches  is the ease of redemptions even when the underlying assets are illiquid. And the second is the possible misalignment of incentives between the portfolio manager and the end investor, which could amplify shocks. These concerns have sparked a lively debate as to what, if anything, should be done.