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[Music] thank you [Applause] [Music] uh we're here today to talk about a fascinating new chapter of the Global Financial stability report which deals with some of the risks that are associated with the rapid growth and the enormous size of open-ended investment funds here to talk about it I'm joined by Fabio natalucci and Felix sunheim the authors of the chapter welcome both of you thanks for being here thank you so much um Fabio let me uh start with you give me an overview of what you discovered what do we know about this asset class how is it grown yeah so this asset class has grown a lot right so since 2008 we've seen almost like a four-fold increase in the asset under management there are up to more than 40 trillion now globally and they account for about one-fifth of the overall known Bank financial sector asset so it's clearly very fast growth they play an important role in the financial sector they pray both in terms of credit intermediation right

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