Abstract
The context for the European asset management industry changed more drastically after the crisis than was initially thought. Claims that the industry did not cause the crisis did not contribute to seeing the new peaks emerging after dawn. On the contrary, they may still today prevent managers from realizing how much has changed: new rules concerning hedge funds and private equity, on which no European framework existed before; restrictions on remuneration; tighter rules for depositaries; a more aligned supervisory framework; and everything else that is still expected to appear out of the ‘shadow banking’ hat. But great opportunities are opening to the asset management industry as Europe seeks to reduce the reliance on bank funding and the pension gap.
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