This multi-faceted analysis of institutional investment defines 'fiduciary finance' institutions as the third pillar of the financial system, alongside banks and insurers. It documents the role played by investment funds and the money management industry in the recent financial crisis, and provides an unashamedly critical view of investment and the business disciplines that dominate investment activities. It clarifies the economic significance of collective investment vehicles (circa $60 trillion in assets) and differentiates fiduciary finance from other financial institutions, banking and insurance products. Martin Gold reviews the intellectual foundations of the investment discipline and synthesizes the literature into the principal 'scientific paradigms'. He explores the legal frameworks (prudential investment standards) that govern mainstream portfolio management practices which, combined with the commercial imperatives of the investment industry, can create marked differences from textbook depictions of investment management. It is illustrated that the role of investment funds in the recent crisis of confidence in financial markets has called into question the worth of collective investments such as pension funds and mutual funds, and the integrity of financial markets themselves. Given the trillions of government funds which have been committed to financial bailouts, the volatility of mainstream investors' capital, and renewed calls for re-regulation, the author asserts that a critical analysis of fiduciary finance must question whether better outcomes can be achieved. This challenging and multidisciplinary work promises to provide a fascinating read for academics focusing on economics and finance, money and banking, as well as for investment and financial services practitioners, policymakers and market regulators.