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Asset Ownership, Asset Dispersion, and Liquidity Issues

Asset Owner Surveys and Illiquidity Studies

In this latest blog post, we've included several recent publications which examine global asset ownership. They include a new study from Nuveen on institutional investor behaviour and one from Thinking Ahead Institute on the $57 trillion global pensions industry. 

One unique take on asset ownership assesses its impact on liquidity and financial volatility. Informa Financial Intelligence considers how investors can examine these issues in greater detail via its studies of asset ownership dispersion. And while we are on the subject of liquidity, a couple of other papers provide interesting insights into instances of illiquidity in the bond market.

House in the Desert: Asset Ownership and Illiquidity

Ownership Dispersion and Volatility (Informa Financial Intelligence, 2021)

Is it still possible that the 'concentrated ownership' of certain assets can have a material effect on their liquidity and volatility? ETFs and other passive vehicles can often own large portions of stock. Informa Financial Intelligence provides a detailed way for investors to examine asset ownership dispersion. It also drills down into these effects.

THINK EQuilibrium: 2021 Global Institutional Investor Study (Nuveen)

A new annual publication from Nuveen examines institutional investor behaviour. Over 700 institutional investors were surveyed for this study with a minimum qualifying AUM of $500 million.

Global Pensions Study 2021 (Thinking Ahead Institute)

As one of the largest categories of asset owners, global pension assets now total approximately $57 trillion. This study provides a bird's eye view of the global pensions industry with a detailed analysis of the seven largest pension markets.

The Asset Owner of Tomorrow (Thinking Ahead Institute, 2020)

How can asset owners successfully navigate the risks and opportunities that changes in technology, demographics, and globalisation are bringing about? This report by Thinking Ahead Institute explores this question.

Did Primary Bond Dealers Fail to Make Markets During the Pandemic? (FRBNY, 2021)

This article takes a detailed look at bond dealers' ability to conduct market-making activities (as well as the provision of adequate liquidity) during the height of the Covid-19 market crisis of March 2020.

Fixed Income ETFs: Market participation and resilience during stress (FCA, 2021)

While the primary market for ETFs is highly concentrated, other entities tend to step in and provide additional liquidity in times of stress. This paper from the Financial Conduct Authority analyses the secondary market for ETFs, looking specifically at overall financial stability.