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The Development of the Institutional Investor: The Case of A ustralian Life Insurers 1945–85
Author(s) -
Keneley Monica J.
Publication year - 2012
Publication title -
australian economic history review
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.493
H-Index - 16
eISSN - 1467-8446
pISSN - 0004-8992
DOI - 10.1111/j.1467-8446.2012.00357.x
Subject(s) - restructuring , consolidation (business) , diversification (marketing strategy) , institutional investor , business , process (computing) , adaptation (eye) , finance , accounting , corporate governance , marketing , computer science , operating system , physics , optics
This paper considers the post‐war development of asset management practices among A ustralian life insurers, which have historically been among the largest institutional investors in A ustralia. A complex process of adaptation and organisational restructuring allowed life insurers to transform from basic investors of policy‐holders’ funds to large multifaceted institutional investors in just three decades. Three stages in the development of investment practices are identified. These phases trace the process of expanding existing knowledge bases; diversification; and the acquisition of new skills; consolidation and the integration of these skills into institutional structures; thus completing one cycle of organisational learning and setting the stage for the next.