\nFirme gigant de investi\u0163ii pre\u00adiau controlul asupra sistemului finan\u00adciar american. Firmele de top contro\u00adleaz\u0103 sume care rivalizeaz\u0103 cu econo\u00admiile multor \u0163\u0103ri mari. Acestea p\u0103\u00adtrund \u00een for\u0163\u0103 \u00een noi domenii de business, es\u00adtomp\u00e2nd liniile care defi\u00adnesc cine face ce pe Wall Street, \u015fi \u00eemping u\u015for b\u0103n\u00adcile c\u00e2ndva domi\u00adnante c\u0103tre margine, scrie The Wall Street Journal.<\/p>\n
\nAcum, managerii de active tradi\u00ad\u0163ionale \u015fi alternative controleaz\u0103 de dou\u0103 ori mai multe active dec\u00e2t b\u0103n\u00adcile americane, ceea ce le confer\u0103 un control \u00een cre\u015ftere asupra economiei americane.<\/p>\n
\nFirmele respective, ce includ Blackstone, Franklin Templeton, BlackRock \u015fi KKR, devin mai complexe \u015fi mai asem\u0103n\u0103toare una cu alte \u00een acela\u015fi timp. Investitorii spun c\u0103 aceasta creeaz\u0103 riscuri cu care pie\u0163ele nu s-au mai confruntat.<\/p>\n
\nExecutivii acestor firme insist\u0103 c\u0103 expansiunea, de\u015fi frapant\u0103, este doar incipient\u0103. O veste bun\u0103 pentru ei pen\u00adtru c\u0103 cre\u015fterea rapid\u0103 le aduce o avu\u0163ie vast\u0103. Sectorul de private equity a produs mai mul\u0163i miliardari dec\u00e2t orice alt\u0103 industrie \u00een ultimii ani.<\/p>\n
\nCompaniile uria\u015fe de gestionare de fonduri cresc oferind noi tipuri de produse pentru a c\u00e2\u015ftiga cot\u0103 de pia\u0163\u0103. Cele mai mari dintre acestea se transform\u0103 \u00een supermarketuri finan\u00adciare, majoritar pentru institu\u0163ii \u015fi cei boga\u0163i, dar din ce \u00een ce mai mult \u015fi pentru investitori din clasa de mijloc. B\u0103ncile s-au consolidat \u00een mod similar \u00een deceniul de dinaintea crizei financiare.<\/p>\n
\nFonduri de private equity sau private debt, cum ar fi Apollo Global Management \u015fi Blackstone, gestio\u00adneaz\u0103 \u00een cea mai mare parte bani pentru institu\u0163ii, dar v\u00e2nd \u015fi produse pentru investitori individuali \u00eentr-o m\u0103sur\u0103 \u00een cre\u015ftere. Uria\u015fi din dome\u00adniul fondurilor mutuale, incluz\u00e2nd BlackRock, devin \u015fi mai mari consti\u00adtuind sau achizi\u0163ion\u00e2nd opera\u0163iuni de fonduri private.<\/p>\n
\nManagerii de active iau de asemenea locul b\u0103ncilor ca creditori c\u0103tre companii \u015fi consumatori ameri\u00adcani \u015fi se interconecteaz\u0103 cu industria asigur\u0103rilor.<\/p>\n
\nExecutivii de top ai acestora spun c\u0103 solicit\u0103 angajamente pe termen lung din partea clien\u0163ilor, iar acest lucru \u00eei face mai stabili dec\u00e2t b\u0103ncile dependente de depozite.<\/p>\n
\nFondurile respective au \u00eenceput s\u0103 creasc\u0103 dup\u0103 criza financiar\u0103, c\u00e2nd noile reglement\u0103ri au restr\u00e2ns investi\u0163iile \u015fi creditarea de c\u0103tre b\u0103nci, f\u0103c\u00e2nd loc pentru extinderea managerilor de fonduri. B\u0103ncile centrale au men\u0163inut dob\u00e2nzile sc\u0103zute \u00een mare parte a deceniului urm\u0103tor, determin\u00e2nd o reorientare a investitorilor dinspre conturi de economii \u015fi titluri de trezorerie c\u0103tre fonduri gestionate.<\/p>\n
\n\u00cen 2008, b\u0103ncile \u015fi managerii de fonduri din SUA erau aproximativ pe pozi\u0163ii egale cu active de aproximativ 12 mld dolari. Ast\u0103zi, managerii de active tradi\u0163ionale, de fonduri private de fondurile de hedging controleaz\u0103 aproximativ 43.500 mld dolari, aproape dublu fa\u0163\u0103 de b\u0103nci.<\/p>\n
\nManagerii de fonduri publice au devenit uria\u015fi, cei dintre cei mai mari control\u00e2nd aproximativ 26.000 mld dolari, echivalentul \u00eentregii produc\u0163ii economice anuale americane. \u00cen ultimii patru ani, \u00eens\u0103, activele fondurilor de private equity \u015fi fondurilor de datorii s-au dublat la aproape 6.000 mld dolari, dep\u0103\u015find cu mult rata de cre\u015ftere a fondurilor publice.<\/p>\n
\nIar extinderea \u00een for\u0163\u0103 a fondurilor respective ar putea continua.<\/p>\n
\nAutorit\u0103\u0163ile de reglementare abordeaz\u0103 managerii uria\u015fi de fonduri din mai multe unghiuri. Comisia de reglementare a pie\u0163ei financiare americane a aprobat \u00een august noi reglement\u0103ri pentru fondurile private solicit\u00e2nd mai multe rapoarte financiare din partea acestora.<\/p>\n
\nLa sf\u00e2r\u015fitul anului trecut a fost introdus\u0103 de asemenea o reglementare ce permite ca marii manageri de fonduri s\u0103 fie reglementa\u0163i ca institu\u0163iile de importan\u0163\u0103 sistemic\u0103, asemeni b\u0103ncilor. Totu\u015fi, decizia doar reintroduce o m\u0103sur\u0103 din timpul erei Obama anulat\u0103 de administra\u0163ia Trump.<\/p>\n","protected":false},"excerpt":{"rendered":"
Firme gigant de investi\u0163ii pre\u00adiau controlul asupra sistemului finan\u00adciar american. Firmele de top contro\u00adleaz\u0103 sume care rivalizeaz\u0103 cu econo\u00admiile multor \u0163\u0103ri mari. Acestea p\u0103\u00adtrund \u00een for\u0163\u0103 \u00een noi domenii de business, es\u00adtomp\u00e2nd liniile care defi\u00adnesc cine face ce pe Wall Street, \u015fi \u00eemping u\u015for b\u0103n\u00adcile c\u00e2ndva domi\u00adnante c\u0103tre margine, scrie The Wall Street Journal.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[510],"tags":[7267,201,35260,7573,7148,17876,149],"class_list":["post-226087","post","type-post","status-publish","format-standard","hentry","category-actualitate","tag-banci","tag-companii","tag-economia-americana","tag-economii","tag-fonduri","tag-franklin-templeton","tag-investitii"],"_links":{"self":[{"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/posts\/226087","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=226087"}],"version-history":[{"count":0,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/posts\/226087\/revisions"}],"wp:attachment":[{"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=226087"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=226087"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=226087"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}