Solvency II - Benefits of Strategic Implementation

August 2015

Abstract

Asset management is the professional management and trading of securities and other types of assets to achieve a specific investment goal. Asset managers specialise in managing discretionary mandates and investment funds through providing cost-efficient portfolio management solutions to meet particular investment goals and constraints. It is an agency activity performed on behalf of end investors. It is, therefore, not surprising that institutional investors constitute the majority of the client base. Across Europe, total assets under management (AuM) increased 9% in 2013 and 15% in 2014, to reach an estimated EUR 19 trillion at end 2014. This growth came on the back of strong performances on financial markets around the globe. Insurers play a significant role in the market for institutional investments: at the end of 2014, institutional investors dominated the European asset management market constituting 76% of total AuM in Europe, with retail investors accounting for the remaining quarter. Of this total, investments by insurance firms, accounted for 39% of total institutional AuM last year. While this represents a drop of 3% from 2013, the relative importance of individual client groups has not changed markedly over the past decade.

Author

Maeve Verdon

Associate General Counsel, AIG Asset Management (Europe) Limited, Ireland

Maeve Verdon is lead counsel for the Irish branch of AIG Asset Management (Europe) Limited. Ms. Verdon is responsible for the legal and regulatory affairs of the Irish segment of the European investment management operations of AIG. Ms. Verdon joined AIG in 2009 as Legal and Compliance Manager for AIG Investments and the Asset Management segment in Ireland. She has more than 15 years of legal investments experience and has served in various management capacities including at Goldman Sachs and HSBC. Additionally, Ms. Verdon has held legal roles at A&L Goodbody, Zurich Capital Markets and AIB, where she started her career. Ms. Verdon holds a Master’s Degree in Social Sciences from University College Dublin, a Barrister-at-Law degree from the Honorable Society of King’s Inns, and a diploma in Financial Services from the Institute of Bankers in Ireland.

Company

AIG Asset Management (Europe) Limited

AIG Asset Management (Europe) Limited currently has two branches: London and Dublin. Business carried out in the London office is focused on advising and assisting clients (primarily insurance companies affiliated with AIG) with the management of investment assets and structuring or arranging investment transactions as agent. The Dublin office is responsible for the provision of global investment operational back office activities and EMEA Treasury Operations support.

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