Les conséquences de la crise financière sur des aspects théoriques et pratiques de la gestion de patrimoine

Mémoire Comptabilité & finances Finance

Date de publication :

17/03/2009

Langue :

Anglais

Format :

.pdf

Nombre de pages :

67 pages

Niveau :

expert

Consulté :

12 fois

Avis client :

non évalué

Validé par :

le comité Oboulo.com

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Sommaire :

Sommaire

The consequences of the financial crisis on the Asset Management Industry
1. 2008 in Review
2. The main trends observed in the Asset Management industry since the beginning of the crisis
3. Focus on the Alternative Management industry
4. Passive vs. Active Management
The consequences of the financial crisis on theory
1. From a financial viewpoint
2. From an economic viewpoint
3. From an accounting viewpoint

Résumé :

2007 is going down in history with the phenomenon of subprime which came as a surprise to all market observers. According to P. Artus - Director of the Economic Research at Natixis -, the word subprime was mentioned in 6,000 articles in the international press in 2006, 32,000 during the first 6 months of 2007 and 130,000 during the second semester of 2007. In the French press, the word subprime only appeared in 6 articles in 2006, 700 during the first semester of 2007 and 8,400 during the second semester of 2007. If, just before the summer, many anticipated an increase in defaults on subprime loans, no one imagined that it would provoke a financial crisis that some have no hesitation in comparing to that of 1929. In a report dated from April 2007, the experts of the IMF noticed that: « Despite recent volatility in financial markets and concerns about the housing market in the United States, we predict that strong global growth will continue, albeit less fast. Although risks to the outlook are judged to have declined since the last 6 months, 5 main factors create uncertainty. First, there could be a sharper slowdown in the United States if the housing market continues to deteriorate. Second, oil prices could spike given limited spare production capacity and continuing geopolitical uncertainties. Third, inflationary pressures could be rekindled as output gaps continue to close, particularly if there were another spike in oil prices. Fourth, continued volatility in financial markets could lead investors to move further away from risky assets. Finally, global imbalances could unwind in a disorderly fashion. Although the probability of this occurring is low, the costs would be high ». So, at worst, there were fears of a slowdown in the US economy, but not one that would spread to the rest of the world: the «decoupling theory». Fate, however, was to decide otherwise, with the downturn proving more widespread and more brutal than expected. The financial crisis, which started in August 2007, is first a subprime mortgage credit crisis. Even if this market had recorded a high growth rate in the United States, it is not so large: it represents $1,000 billions whereas the total market capitalization of the US stock market amounts to $20,000 and the patrimony of American households is nearly $60,000 billions. This financial crisis is far from the end. From now on, it affects not only subprime mortgage credit but the whole financial, banking and economic system. It raises a lot of questions about the advantages and the drawbacks of securitization, the role of financial innovations in the risk transfer, the intern risk management, the plan of a global banking and financial regulation... In this report, we will take particular care to the consequences of this crisis on both theory and practical aspects of the asset management industry. So, we will discuss the impacts of the subprime crisis and the change it has generated or would generate on our field of study.