The paper “ Asset and Facility Management” is a thoughtful variant of the literature review on management. According to IBM Global Business Service (2007, p. 7), asset management has undergone a metamorphosis over the years. For instance, they note that 15 years back the lane, the discipline was called equipment management, 30 years down the lane it was referred to us as plant maintenance and presently it is referred to us as enterprise asset management. In the 1970s, the process was largely a paper-based concept where it was factored in as ‘ necessary evil’ with the key focus being corrective maintenance.
From the earlier phase of the 1970s, the discipline moved a notch higher to automation in the 1980s. This referred to as an early automation stage. This incorporated new technologies like software systems. In the 1990s, the discipline moved systemized management where the focus was to look at root causes instead of corrective measures. On the same stage, there was a focus on components. From 2000, the discipline embraced a paradigm shift with the focus being lifecycle awareness. In this perspective, the holistic approach of cradle to grave was born (see appendix 1). Present: Roles and Characteristics of each PlayerUBS (2012, p. 4) developed a comparative table that distinguishes old practices and the current new ways (see appendix 2).
This table outlines how the current practice addresses issues like investment content, product categorization, investment teams, client base, and distribution teams. They note that in the early 1990s, the profession focused on equities and bonds thereby giving little consideration to other options (p. 5). However, as a result of tough economic conditions, there has been a paradigm shift.
Currently, the asset manager is expected to “ offer exposure to specific asset classes or sub-classes either through a benchmark beating active fund or through a benchmark-tracking, low-fee passive fund as opposed to positive real returns of 1950 to 70s (p. 11). One approach that has gained a paramount position currently is the integrated approach. This approach recognizes the input of various stakeholders in producing a holistic output.
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