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Description - The Law of Institutional Investment Management by Lodewijk van Setten

The Law of Institutional Investment Management fills a gap for a work that describes the custom and practice of the institutional investment management industry with reference to both English law and to the European regulatory framework. The governing theme of the work is the structure of the institutional investement process. The work seeks to define the legal risks that an institutional investor who invests in the financial markets through a professional investment manager must be aware of, both in relation to the investment manager and in relation to the financial markets. The analysis addresses the key investment strategies and management styles, the investment manager's responsibility for delivering investment returns through asset allocation and asset selection decisions, the execution of those decisions, and the management of conflicts. The discussion includes an in-depth analysis of the modi operandi of various trading venues, the structure and legal aspects of key financial market transactions (including on-exchange and OTC traded derivatives, and securities lending and repo transactions), and the legal aspects of cash and securities movements in connection with settlement and collateralisation of those financial market transactions.

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Book Details

ISBN: 9780199285013
ISBN-10: 0199285012
Format: Hardback
(253mm x 177mm x 22mm)
Pages: 336
Imprint: Oxford University Press
Publisher: Oxford University Press
Publish Date: 10-Sep-2009
Country of Publication: United Kingdom

Book Reviews - The Law of Institutional Investment Management by Lodewijk van Setten

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Book Review: Law of Institutional Investment Management by Lodewijk van Setten - Reviewed by (30 Dec 2009)

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.

Author Biography - Lodewijk van Setten

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. Before joining Covington & Burling, Lodewijk served as director and European Counsel for State Street Global Advisors (SSgA), the U.S. based institutional investment manager, in London. At SSgA, he was responsible for the legal support of all aspects of SSgA's institutional investment business in Europe. Prior to joining SSgA, he worked as a banking and securities lawyer for a leading international law firm in Amsterdam. Lodewijk holds an LL.B and a Ph.D (Thesis: Private rights of action against broker-dealers and investor protection) from the University of Utrecht (The Netherlands) and an LL.M from Duke University (U.S.), where he was a Special Staff Editor of the Duke Journal of Comparative International Law. He regularly publishes on various topics relating to transactions in the financial markets and teaches these topics in the graduate programme at King's College (London), where he is a Visiting Professor. 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.

Books By Lodewijk van Setten

Alternative Investment Funds in Europe by Lodewijk van Setten
Hardback, April 2014