If you're a lawyer interested in investment, whether for yourself or your clients (and what lawyer isn’t?) Professor Lodewijk Van Stetten’s work of legal reference will certainly capture your attention from the outset.
Certainly from the first few paragraphs of the introduction, Van Stetten’s book starts as it means to go on. Clearly and authoritatively, it defines, clarifies and indeed confirms (for example) what we all know to be a truth that’s not universally acknowledged about who’s who in the investment food chain -- and that is that ’private households and governmental agencies are the ultimate holders of all assets, (so there!) directly or indirectly, through public institutions, corporate firms or institutional investors’.
These principles are further clarified in the author’s straightforward, lucid prose which, in all, sets the stage so to speak, for the book’s further explication on institutional investment management.
This is a legal tome, but for obvious reasons the subject matter must also deal with and /or allude to economic theory. The author, a visiting Professor of Law at King’s College, London, and Managing Director and International Counsel at Morgan Stanley Investment Management, knows whereof he speaks.
So, be you a lawyer, an economist, or yes, even an investment manager, or some other sort of financial services guru, this is one legal work of reference you’ll especially value -- especially bearing in mind that, in the words of the author, ‘investment management is a regulated activity’…carried on ‘within the parameters of the applicable financial services regulatory framework, which is therefore a relevant part of the context within which to determine the scope of the manager’s duties.’
The book, in just 300 pages and a small index, covers– and this is by no means an exhaustive list –the investment process…the regulatory framework…the legal duties of an institutional investment manager…the exercise of investment discretion…cash accounts and cash transfers…securities accounts and securities transfers…trading and settlement…and of course much more. Terms, nomenclature and processes pertinent to all aspects of investment management (including the investment process itself) are methodically and clearly explained.
Even if you think you know it all about investment and investment management, this book will remind you that you don’t know it all, especially the legal ramifications -- and if you feel you still have much to learn about this complex area of law, the book will de-mystify much of that mind numbing complexity, proving its worth as an invaluable and authoritative addition to your library explained with great clarity by Professor Van Setten.