Overall net revenue from investment banking was $899 million, down 31percentt on the same quarter a year earlier, while revenue from asset management was $1.45 billion, a decline of 29percentt from a year earlier, "primarily reflecting the impact of changes in the composition of assets managed".
It could simply imply broadening the composition of assets held by the People's Bank of China (PBOC) to include higher yielding equities and commodities; or, more dramatically, part of the reserves could be transferred to a separate state investment agency which would maximise returns like a fund manager.Even as things stand, the PBOC is earning a handsome profit.
In contrast, the Federal Reserve's credit easing approach focuses on the mix of loans and securities that it holds and on how this composition of assets affects credit conditions for households and businesses.
In determining the size, pace and composition of its asset purchases, the committee will, as always, take appropriate account of the likely efficacy and costs of such purchases.
In determining the size, pace, and composition of its asset purchases, the committee will continue to take appropriate account of the likely efficacy and costs of such purchases as well as the extent of progress toward its economic objectives.
By changing the composition of our asset holdings, as in our recently completed maturity extension program (MEP), we can influence not just the expected path of short rates, but also term premiums and the shape of the yield curve.
In 2002, when these 'multi-sector' CDOs performed poorly, the composition of CDO asset pools was reformed, focusing mainly on non-prime, mortgage-backed securities.
Some wanted merely to change the composition of the assets the Fed already has.
It began changing the composition of its assets.
First, it changed the composition of its assets by selling some of the Treasury bills and notes in its portfolio and replacing them with other assets.
