The Creation of Added Value in Actively and Passively Managed Investment Trusts

Shoji Yumae 

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As financial liberalization unfolds, one of the most interesting debates regards the fate of1,200 trillion yen in personal financial assets. Banks and other institutions have quietly beguninvestment trust sales at the retail level amid optimistic prospects for the asset managementbusiness.

This paper examines the factors that determine how added value is created in the asset managementbusiness, with special emphasis on the key words, "two markets" and "active" versus "passive" man-agement.While the viewpoint is that of service providers, service users may also benefit from thefollowing observations.

Shoji Yumae

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