Growing Old: Paying for Retirement and Institutional Money Management after the Financial Crisis

Preface

Preface In 2004 the Brookings Institution joined with Nomura Institute of Capital Markets Research to showcase research on selected topics in financial market structure and regulation of interest to policymakers, scholars, and market practitioners in the United States, Japan, and elsewhere. Initially led by Brookings senior fellow Robert E. Litan and Yasuyuki Fuchita, senior managing director of Nomura Institute of Capital Markets Research, the collaboration was joined in 2008 by Richard J. Herring of the Financial Institutions Center at the Wharton School of the University of Pennsylvania. The collaboration has convened a conference each year since 2004, leading to five volumes published by Brookings Institution Press, the most recent entitled After the Crash: The Future of Finance (2010). The chapters in this sixth volume in the series are based on presentations made at the conference “Growing Old: Paying for Retirement and Institutional Money Management after the Financial Crisis,” held on October 15, 2010, at the Brookings Institution in Washington, D.C. The conference considered the future of the financial services industry after the crisis of 2007–2008 and focused on commercial banks, investment banks, and hedge funds in particular. All of the chapters represent the views of the authors and not necessarily those of the staff, officers, or trustees of the Brookings Institution, the Nomura Institute of Capital Markets Research, or the Wharton Financial Institutions Center. vii viii preface The editors thank Matthew Garza for outstanding research assistance and for checking the factual accuracy of the manuscript; Eileen Hughes for careful editing; and Lindsey Wilson for organizing the conference and providing administrative assistance. Both the conference and this publication were funded in part by Nomura Foundation. ...