UK Accounting Glossary
Asset management can refer to the primary activity of a financial services company choosing investment opportunities for their clients. The asset management services provided by such a company might feature a mix of traditional investments, such as stocks and bonds, and alternative investment vehicles not available to average investors, such as a hedge fund. Access to asset management of this type is generally restricted to wealthy individuals, corporations, governments, and financial intermediaries because of the expense of the service. Central asset accounts or asset management accounts are other names a provider might give these asset management services. Asset management also refers to a financial account that includes comprehensive checking, debit card, credit card, margin loan, money market fund, and brokerage services in a single package. The advantage of an asset management account to investors is that they can receive all of their financial services from the same company. Prior to the passage of the Gramm-Leach-Bliley Act in 1999, banks were not able to offer asset management accounts because the Glass-Steagall Act prohibited financial institutions from offering banking and brokerage services.
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This glossary post was last updated: 4th February 2020.