The Law of Institutional Investment Management

The Law of Institutional Investment Management fills a gap for a work that describes the custom and practice of the investment management business with reference to both English and New York law.

The work addresses the implementation of investment strategies by the manager, the infra-structure of the global financial markets (trading, clearing and settlement), and the custody and administration of the assets which are entrusted to the manager. In this context, the book seeks to define the various risks and pitfalls that confront the institutional participants in the financial markets, with an emphasis on the position (and protection) of the institutional investor.

Three focal points are looked at in detail: (i) a description of the investment management industry and the infra-structure of the financial markets; (ii) an analysis of the professional responsibility of the investment manager for the making of investment decisions; and (iii) an analysis of the professional responsibility of the investment manager for: implementing investment decisions through the use of broker-dealers ("front office" activities), and settling trades through the client's custodian ("back-office" activities).

Lodewijk van Setten is International Counsel and Managing Director of Morgan Stanley Investment Management in London. He has wide-ranging experience in advising financial institutions and institutional investors on all legal and regulatory aspects of transactions in the financial markets. He regularly publishes on these matters and teaches on the topic of financial markets at King's College, University of London, where he is a visiting professor. Prior to joining Morgan Stanley, he held positions in private practice in The Netherlands and the UK, and he was European Counsel of State Street Global Advisors.

Professor Van Setten holds an LLB and a PhD from the University of Utrecht, The Netherlands, and an LLM from Duke University, NC, USA, where he was a Special Staff Editor of the Duke Journal of Comparative International Law. He was admitted as advocaat in The Netherlands in 1993, as attorney-at-law in the State of New York in 1994, and as solicitor in England and Wales in 2002.