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The Varieties Of Investment Management Law, Harvey Bines, Steve Thel

Fordham Journal of Corporate & Financial Law

The duty of prudence enunciated by the Supreme Judicial Court of Massachusetts in 1830 in Amory v. Harvard College has come to stand as a talisman for the duties of investment managers. However, the variety of arrangements that are now used to manage other people’s money could not have been foreseen in 1830. Investment management is now subject to a collection of largely self-contained statutory and common-law systems. Although related in principle, they differ extensively in the investment management activities they affect and in the specific obligations they impose. Now seldom does a single statutory or common- law system cover …