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The Exclusive Role of Centralized Fund Family Management
Journal of Financial Services Research ( IF 1.491 ) Pub Date : 2020-03-06 , DOI: 10.1007/s10693-019-00328-2
David Hunter , Zhen Sun , Karen Benson

Fund families are centrally managed, and can directly control resource allocations between funds. We quantify multiple manageable fund family attributes, and examine their combined effects upon returns and investor flows. We focus upon five attributes that are exclusively manageable by fund families: marginal fee economies of scale, star fund offerings, mixed high and low risk product offerings, within-family manager scope, and manager outsourcing. We find sensitivity differences during the financial crisis and non-crisis time periods. Management of these exclusive attributes significantly improve a fund family’s returns and investor flows, benefiting fund families and their investors during both normal and financial crisis periods. We find that investors reward fund families with greater performance sensitive inflows and weaker performance sensitive outflows, indicating that investors identify greater utility in centrally managed fund families.

中文翻译:

集中基金家族管理的专属作用

基金家族集中管理,可以直接控制基金之间的资源分配。我们量化了多个可管理的基金家族属性,并检查它们对回报和投资者流动的综合影响。我们专注于基金家族专属管理的五个属性:边际费用规模经济、明星基金产品、高低风险混合产品产品、家族内管理人范围和管理人外包。我们发现金融危机和非危机时期的敏感性差异。管理这些独特的属性可以显着提高基金家族的回报和投资者流量,在正常和金融危机期间使基金家族及其投资者受益。
更新日期:2020-03-06
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