From social movements to organizational roles: a study of evolving occupational mandates of ESG analysts

The article is devoted to the legal aspects of an asset separation tool as a bank failure management tool. Asset separation tool is provided by FSB Key Attributes of Effective Resolution Regimes for Financial Institutions and Directive 2014/59/EU (Bank Recovery and Resolution Directive, or BRRD). However, it has not been implemented in Ukrainian legislation to date. The article defines key elements required for effective transposition of the asset separation tool. It is fundamentally important to ensure clarity in the authority’s powers to conduct non-performing assets transfer to an asset management company and powers to transfer them back in cases provided in the law, as the framework should be predictable for all stakeholders. General rules for obtaining the consent of owners of the failed banks or any other parties should not be applicable. The assets should be transferred to the asset management company with the view to value maximization or orderly liquidation. An asset separation tool is not a standalone tool and shall be applied along with other tools to deal with bank failures. The article also defines key safeguards and requirements for an asset management company to operate efficiently and mitigate risks of political interference. Most asset management companies designed for bank failure management are owned by the state, and in line with this the BRRD envisages that an asset management shall wholly or partially belong to the state or a resolution authority. The BRRD provides that the resolution authority shall approve a statutory document of the asset management company, management and their remuneration, as well as the strategy and risk profile of the company. At the same time, there should be safeguards to ensure that the asset management company should be commercially oriented and operationally independent. The most efficient asset management companies have a narrow mandate. Special powers may be introduced for an asset management company when the general framework has impediments to the efficient operation of an asset management company. It should be noted that the asset management company has a temporary nature and should be wound up once its goal is reached. Necessary incentives should be introduced in this regard. This could be a sunset clause, defined interim key performance indicators, which should be flexible and regularly reviewed, and financial incentives for staff of the asset management company. It is suggested to introduce amendments to the Law of Ukraine ‘On household deposit guarantee system’ to implement the particularities described in the article.

This article outlines contingent claims created as a result of the arrangements underlying the transfer of state‐owned commercial banks’ non‐performing loans to asset management companies. An understanding of these factors is central in analysing the potential for China’s as set management companies to realise value from their acquisition of these nonperforming state‐owned enterprise loans. After establishing the scale of the non‐performing loan problem, the article identifies and describes a number of real and financial options that may assist in the consideration of the value of assets associated with the transfer of non‐performing loans from the state‐owned commercial banks to the asset management companies. Real and financial options appear in the form of implied guarantees over asset management corporation debt, implied guarantees associated with the non‐performing assets remaining with the stateowned commercial banks, and within the equity positions held by the asset management companies as a result of equity‐for‐debt swaps initiated under the current reform process. The article concludes that any gains made to the credit standing of the state‐owned commercial banks reflect the value of implied guarantees over both the asset management corporation debt and the remaining stock of non‐performing loans held by the banks. Furthermore, institutional arrangements associated with the equity positions held by the asset management corporations significantly reduce the value of options associated with operation and control of firms in which the equity positions are held. Additionally, the structure of equity positions taken under the equity‐debt swaps suggest that the value of equity positions held in state‐owned enterprises by the asset management companies will be considerably lower than hoped for and implied in the asset management companies’ mandates.

A Study of Information Needs of Mutual Funds Investors & Implications for Web Based Marketing of Mutual Fund Products

Objectives The purposes of this study were to explore the applicability of the Metaverse on 2022 revised English
 curriculum for generation MZ learners.
 Methods For the objectives of the study, the 2022 revised curriculum draft, the English department revised curriculum,
 the phased implementation plan for the full application of the 2025 high school credit system (Ministry
 of Education, 2021.8. 22.) and the National Education Council under the direct control of the President(2021.9.8.)
 were analyzed in the normative, structural, constitutional, technical, and ethical and social justice dimension,
 based on the four-dimensional policy analysis model of Copper at al.
 Results As a result of the analysis, the possibility of using metaverse in English classes for the MZ generation was
 found in the normative dimension. Limitations in using metaverse in English classes were the absence of educational
 metaverse platforms, lack of educational content available in metaverse, and cyber ethics and information
 utilization gaps. Institutional and administrative support to tackle these issues were found in the structural and
 technical dimension.
 Conclusions Metaverse can contribute to improving the “English Communication Competence,” which is the overall
 core competency of the 2022 revised English curriculum. Moreover, it has been confirmed that it enables
 English learning tailored to the characteristics of MZ generation learners. The study suggests The Minstry of
 Education, Korea Institute of Curriculum and Evaluation, and the Office of Education to give support and help in
 developing educational metaverse platforms and contents, cyber ethics and Digital Literacy education as well as
 in devising metaverse-mediated teaching and learning techniques for high school credit system and Digital
 Literacy.

Asset management is a key sector of the Italian financial system, and its corporate governance (CG) is a key issue. This article investigates CG of Italian asset management companies (AMCs) by observing a sample of banking and independent AMCs from 2006 to 2010. The purpose of our research is to establish whether the governance structure of Italian AMCs influences products and profitability. We use the seemingly unrelated regression methodology. We find that the CG system may affect mutual fund categories offered by Italian AMCs. Moreover, the mutual funds category may contribute to AMC profitability. Our results have interesting operating implications concerning the Italian asset management market, characterised by a potential conflict of interest. A better CG structure of asset managers could contribute to improving their performances and reducing commissions charged to clients.

Asset management professionals performing services for their clients is to maximise returns while minimising risk for their clients. An in-depth study shows “How investors choose their best asset management companies”, thereby getting the best investment opportunities in the ever-changing environment for futuristic needs. The ultimate outcome of their investment is to make profitable investments. Source of information getting under survey methods for different types of investors for different asset management companies in India. Choosing the right choice of investment in asset management companies is purely based on investor behavioural decisions. Using survey methods, data is collected from 400 investors under different investor categories, like conservative, moderate, aggressive. The main aim of the presenting paper is to find out the investors' behaviour in asset management companies. Used survey methods, for measuring the various phenomena. analysed the collected data effectively and efficiently to draw the sound outcomes. However, a number of statistical techniques such as, Correlation, Reliability Statistics and ANOVA is used for analysing the predominant factors responsible for investment in asset management companies.

Out of P6537.7 million capital employed by ten major parastatals (Public Sector Undertakings) in the total assets for the year 2000, The Government of Botswana participated in equity of P4392.7 million and outstanding loans from Public Debt Service Fund (PDSF), Revenue Stabilization Fund (RSF) and Development Fund (DF) were P2094.1 million (Bank of Botswana, 2001). The return on equity is only 3.5% (Table 1). The funds, which should have been used for other developmental purposes, are locked up and generating a meager return. As the servicing funds are given on a less rate of interest for a longer period, it is not possible for government to get the money back from the parastatals at an early date. Hence, the only alternative available to government is to get the present values of the future money by either selling these loans to private parties by means of issuing Asset Based Securities (ABS) or transferring these assets to a specially created company known as Asset Management Company (AMC) whose main objective is to float the shares both nationally and internationally backed by the assets so transferred to AMC. In this context, AMC is discussed covering the organizational set up, procedure of administration, functions, benefits to & funds contributed by AMC to government finance. ( Key words: Asset Management Company, Privatisation, Securitisation, Government Finance). African Journal of Finance and Management Vol.12(2) 2004: 72-87

Asset management companies have been used to address the overhang of bad debt in the financial system. There are two main types of asset management company: those set up to expedite corporate restructuring and those established for rapid disposal of assets. A review of seven asset management companies reveals a mixed record. In two of three cases, asset management companies for corporate restructuring did not achieve their narrow goal of expediting bank or corporate restructuring, suggesting that they are not good vehicles for expediting corporate restructuring. Only a Swedish asset management company successfully managed its portfolio, acting sometimes as lead agent in restructuring - and helped by the fact that the assets acquired had mostly to do with real estate, not manufacturing, which is harder to restructure, and represented a small fraction of the banking system's assets, which made it easier for the company to remain independent of political pressures and to sell assets back to the private sector. Asset management companies used to dispose of assets, rapidly fared somewhat better. Two of four agencies (in Spain and the United States) achieved their objectives, suggesting that asset management companies can be used effectively for narrowly defined purposes of resolving insolvent and inviable financial institutions, and selling off their assets. Achieving these objectives required an easily liquefiable asset - real estate - mostly professional management, political independence, adequate bankruptcy, and foreclosure laws, appropriate funding, skilled resources, good information and management systems, and transparent operations and processes. The other two agencies (in Mexico and the Philippines) were doomed from the start, as governments transferred to them politically motivated loans or fraudulent assets, which were difficult for a government agency susceptible to political pressure and lacking independence to resolve or sell off.

Asset management companies have been used to address the overhang of bad debt in the financial system. There are two main types of asset management company: those set up to expedite corporate restructuring and those established for rapid disposal of assets. A review of seven asset management companies reveals a mixed record. In two of three cases, asset management companies for corporate restructuring did not achieve their narrow goal of expediting bank or corporate restructuring, suggesting that they are not good vehicles for expediting corporate restructuring. Only a Swedish asset management company successfully managed its portfolio, acting sometimes as lead agent in restructuring - and helped by the fact that the assets acquired had mostly to do with real estate, not manufacturing, which is harder to restructure, and represented a small fraction of the banking system's assets, which made it easier for the company to remain independent of political pressures and to sell assets back to the private sector. Asset management companies used to dispose of assets, rapidly fared somewhat better. Two of four agencies (in Spain and the United States) achieved their objectives, suggesting that asset management companies can be used effectively for narrowly defined purposes of resolving insolvent and inviable financial institutions, and selling off their assets. Achieving these objectives required an easily liquefiable asset - real estate - mostly professional management, political independence, adequate bankruptcy, and foreclosure laws, appropriate funding, skilled resources, good information and management systems, and transparent operations and processes. The other two agencies (in Mexico and the Philippines) were doomed from the start, as governments transferred to them politically motivated loans or fraudulent assets, which were difficult for a government agency susceptible to political pressure and lacking independence to resolve or sell off.

The asset management industry has been growing drastically over the last 15 years. It grew from 45,6 trillion USD to 103,1 trillion USD from 2009 to 2020, In Asia, it has grown 483% over the 11 years. Similarly, Latin America, the Middle East, and Africa saw the most minor growth and were valued at trillions of USD. Retail investors now comprise 41% of the asset management industry in China and India and above 55% of the asset management investors in the country. Since the Healthy Growth of AMC is the same as Millions of Retailers in the respective Financial Sectors, It is necessary to study the Portfolio Management Strategies adopted by Asset Management Companies across the Globe in general and In India in Particular. Hence, an attempt is made to study the performance and strategies of global AMCs and also observe the opportunities and challenges the same across the globe with the main objective of understanding the concept of Portfolio Management Strategies and Asset Management Companies; to review the existing literature on the topic concerned; to analyze the opportunities and challenges of the same across the globe. The study is an observatory in nature and revealed that the main opportunity is to get support from the respective economies of the countries to get desired growth in AMC investments and exploit the developments in various sectors via making Portfolio investments by direct buying of financial instruments or through mutual funds. Similarly, this study seeks to shed light on how emerging markets like India would be helpful with its key govt initiatives by ease of doing business, tax concessions for Foreign Domestic Investments (FDIs) and Foreign Institutional Investors (FIIs) etc. The main suggestion is to diversify their assets based on risk tolerance which can reduce the costs of the operations by using economies of scale to minimize the costs. The survival of any AMC across the globe is mainly on the feasibility of their services which could be affordable to retail investors by the end of the day. Similarly, Technology is evolving fast, and asset management companies need to implement new tools as soon as they are released to use them to create more accurate models to predict market movements.

We unveil asset managers’ social media communications as a distinct new channel for attracting flows of money to mutual funds. Combining a database of more than 1.6 million posts on X/Twitter by U.S. mutual fund families with textual analysis, we find that flows of money to mutual funds respond positively to both the number and tone of the posts. Whereas the link between social media communications and flows of money is not explained by conventional marketing efforts, our findings suggest that the social media channel is not independent from asset management companies’ broader marketing strategies. A high-frequency analysis that exploits intraday ETF trade data allows us to isolate the effect of tweets on investor decisions from potential confounders. We then consider and test four different economic mechanisms. The results of these tests do not support the hypothesis that asset managers’ social media communications reduce search costs for potential investors. The results do not support, either, that asset management companies’ Twitter activity increases investor attention or alleviates information asymmetries by communicating performance-relevant information to investors. In contrast, our evidence suggests that asset managers use social media as an effective persuasion tool. This paper was accepted by Camelia Kuhnen, finance. Funding: Both authors acknowledge financial support from the FinTech & Digital Finance Chair at Paris Dauphine - PSL. J. Gil-Bazo acknowledges financial support from the Severo Ochoa Programme for Centres of Excellence in R&D (Barcelona School of Economics) [Grant CEX2024-001476-S], funded by MCIN/AEI/10.13039/501100011033, as well as from the Spanish Ministry of Science and Innovation [Grant PID2023-153288NB-I00]. Supplemental Material: The internet appendix and data files are available at https://doi.org/10.1287/mnsc.2024.07584 .

This toolkit is designed for policy makers and stakeholders who are considering the establishment of a publicly funded asset management company (AMC). An AMC is a statutory body or corporation, fully or partially owned by the government, usually established in times of financial sector stress, to assume the management of distressed assets and recoup the public cost of resolving the crisis. AMCs were first used in the early 1990s in Sweden (Securum) and the United States (the RTC), and again during the Asian crisis (for instance, Danaharta in Malaysia, KAMCO in the Republic of Korea). The 2008 financial crisis marked a renewal of the use of this tool to support the resolution of financial crises (for instance, NAMA in Ireland, SAREB in Spain). The toolkit does not address broader bank resolution issues. It has a narrow focus on the specific tool of a public AMC established to support bank resolution, and with the objective of providing insight on the design and operational issues surrounding the creation of such AMCs. It seeks to inform policy makers on issues to consider if and when planning to establish a public AMC through: 1) An analysis of recent public AMCs established as a result of the global financial crisis. 2) Detailed case studies in developed and emerging markets over three generations. 3) A toolkit approach with questions and answers, including questions on design and operations that are critical for authorities confronted with the issue of whether to establish an AMC. 4) An emphasis on “how to” that is, a practical versus a principled approach. The toolkit is structured as followed: Part I summarizes the findings on the preconditions, the design, and the operationalization of public AMCs. Part II provides case studies on three generations of AMCs, whose lessons are embedded in Part I. The case studies cover emerging and developed markets, and have been selected based on the lessons they offer.

Background Asset management organizations have integrated new technologies before, but this trend is expected to reach its peak in the coming years. Investors using technical instruments buy financial products from asset management companies (AMCs). Thus, AMC is working diligently to enhance its operations and processes, enabling investors to have seamless transaction experiences across its various platforms through simplified procedures and efficient management. Objectives This study examines the performance drivers of AMCs, more specifically, how fundamental components contribute to business excellence by improving firm procedures and operations and creating new investor experiences. Methods/Approach The report uses data from 387 asset management professionals from 10 businesses. In India, 10 prominent AMCs provided 387 valid replies to a work survey. The analysis was conducted using the PLS-SEM approach. Results The findings indicate that Industry 4.0, business process management, and Lean Six Sigma facilitate operational excellence and are key drivers of achieving business excellence in asset management firms in India. Conclusions Organizations can achieve business excellence by applying concepts from Industry 4.0, business process management, Lean Six Sigma, and operational excellence. This is among the few empirical studies examining the enablers of business excellence in Indian AMCs.

It is shown that joint investment institutions in Ukraine perform an important function in the economic development of the country, contributing to the redistribution of capital, stimulation of the investment process and development of the stock market. Asset management companies (AMC) are an integral part of the joint investment market in Ukraine, providing professional asset management, increasing the efficiency of the investment process and contributing to the country’s economic development. The paper presents the results of the assessment of the dynamics, structure of AMC indicators according to the main type of their activity according to KVED 66.30 - fund management, and also formalized their trends for the period 2013-2022, which have high values of indicators of multiple determination. It was established that the value of non-current assets increased by 3.33 times, mainly due to micro-enterprises, small enterprises prevail in their structure. The value of AMC's current assets increased by 1.79 times, mainly at the expense of micro-enterprises, the share of medium-sized enterprises in their structure decreased, and small ones increased. The value of AMC's own capital increased by 1.92 times, mainly due to micro-enterprises, the share of medium-sized enterprises in its structure decreased, and the share of small enterprises increased. The cost of AMC capital increased by 2.22 times, mainly at the expense of micro-enterprises. The specific weight of AMC's own capital decreased from 78.1% to 67.6%, including at the expense of medium and small enterprises. On the other hand, the share of equity in the balance sheets of micro-enterprises - AMC increased from 71.4% to 82.2%. Thus, the financial stability of AMC is sufficient, but it is reduced at the expense of medium-sized enterprises, but the financial stability of micro-enterprises is strengthened. The dynamics of non-current assets, current assets, assets in general, AMC's equity is described by a parabola with upward branches. It is proven that the active participation of the AMC in the stock market increases its liquidity and stability, which creates favorable conditions for attracting financial resources. Investments made through investment funds contribute to the development of various sectors of the economy, the creation of new jobs and an increase in tax revenues to the budget. Transparency and professional asset management attract foreign investors, which contributes to the inflow of capital into the country's economy.

Collective Investment Funds play an essential role in stimulating the country's economic growth (CIF) and Asset Management Companies (AMC) – financial intermediaries that accumulate investors' funds and professionally invest them in various financial instruments. The article aims to analyze the analytical support, which is the basis for evaluating the work results and risks in the activities of collective investment funds and asset management companies. Relevant information for the analysis of the state and changes in the market of collective investment funds and asset management companies is taken from the Ukrainian Association of Investment Business website (https://www.uaib.com.ua). The article includes a classification of collective investment funds and an analysis of the dynamics of their number, as well as the volume of assets managed by asset management companies. The basic principles of accounting and reporting in collective investment funds were disclosed, and the indicators necessary for risk assessment were characterized. It has been established that the calculation of regulated indicators makes it possible to assess risks only in general. However, to measure and manage risks, it is advisable to develop a scale of dependence on changes in indicators (intensification of negative processes) and the level of risk (minimal, average, significant and critical). Based on the normatively established indicators, it is recommended to improve the method of assessing and measuring the risks of collective investment funds by calculating an integral indicator that would consider each indicator's weighting factor. As part of the risk management system, each level of risk should be offered an appropriate set of tools and measures for minimization.