ECMI-CEPS Researcher

This report is based on the discussions in the CEPS-ECMI Task Force on Rethinking Asset Management, which met on four separate occasions in 2011. The policy recommendations offered at the beginning of this report reflect a general consensus reached by Task Force members, although not every member agrees with every aspect of each recommendation. A list of members, observers and invited guests of the Task Force can be found in Annex 3. The members were given the opportunity to comment on the draft final report, but its contents may only be attributed to the rapporteurs. CEPS and ECMI gratefully acknowledge the financial support received for this Task Force from the CFA Institute, a global not-for-profit association of investment professionals. The author, Mirzha de Manuel Aramendía, wishes to thank his co-rapporteur Karel Lannoo for his valuable supervision and guidance, as well as for all his input; Diego Valiante for his constant advice and his emphasis on substance; Jean-Baptiste de Franssu for his commitment to this project; th