Document Type


Publication Details

Gold, M. (2010). Fiduciary Finance: Investment Funds and the Crisis in Financial Markets. Cheltenham: Edward Elgar Publishing.


The investment industry has gained prominence as many governments in developed countries have shifted responsibility to individuals to provide for their own financial security in retirement. Resource-rich and developing nations have also directed wealth receipts into financial markets to mitigate the depletion of their resources and to address intergenerational burdens arising from ageing populations. Combined, these trends have created an immense pool of professionally managed investment capital seeking returns from global financial markets. At the end of 2008, a pensions and investments survey of the world's 500 largest money management firms estimated they were entrusted with $53.3 trillion of client funds and International Financial Services London (IFSL) estimates the global funds management market is worth $61.6 trillion,! a figure exceeding the world's gross domestic product (GDP) ($60.6 trillion).