Three issues shape the current debate on asset management: the restructuring of the management process to integrate new investment products, the necessity to reform pension schemes, and the achievement of a globally coordinated regulatory framework. These challenging tasks benefit from objective guidance by scientifically substantiated asset management standards. The current discussion's main focus on governance issues matches the established structural components of the asset management standards systematic classification. Numerous innovations called for a nearly complete revision. Main topics are now: Enhancement of the regulatory framework and co-ordination between the US and the EU and among EU members. Securing sustainable funding for retirement provisions after the dot.com bubble and the ongoing debate on reforming PAYG schemes. As a consequence the new edition offers again a reliable source of information on the major issues in asset management.