The U.S. asset management industry is undergoing revolutionary change as a result of the Internet revolution. Power is shifting from large institutions to private investors, who are becoming reticent to pay mutual fund managers to underperform the indices. Today's individual investor is...

This paper provides an appraisal of how London has become the world ís largest market for asset management and evaluates whether it possesses the attributes necessary to sustain success in the future. We find that most of the growth in the London market has come from the institutional asset...