This review addresses, from a unified perspective, the important role of conflicts of interest in various facets of asset management and advising, including managing individual portfolios, institutional asset management, and order routing. I use an agency framework to highlight the sources of the underlying incentive conflicts, the nature of efficient solutions, the role of the structure of compensation in mitigating (or creating) the agency problem, and the use of benchmarks as a solution. I also highlight several contemporary contexts in which conflicts of interest are important.

中文翻译：

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资产管理和咨询中的利益冲突

本综述从统一的角度探讨了利益冲突在资产管理和建议的各个方面的重要作用，包括管理个人投资组合、机构资产管理和订单路由。我使用代理框架来强调潜在激励冲突的来源、有效解决方案的性质、薪酬结构在缓解（或创造）代理问题中的作用，以及使用基准作为解决方案。我还强调了利益冲突很重要的几个当代背景。