Identifying Characteristics to Predict Separately Managed Account Performance

The authors analyzed a large sample of domestic equity separately managed accounts over the 1991–2009 period and found evidence that manager skill persists. They also found that managers who were more active had better returns, and they documented a strong negative relationship between assets under...

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Bibliographic Details
Published in:Financial analysts journal 2011-07, Vol.67 (4), p.30-40
Main Authors: Peterson, James D., Iachini, Michael J., Lam, Wynce
Format: Article
Language:English
Subjects:
Asset management
Cash
Cash management
Costs
Empirical research
Equity
Fees
Fees & charges
Financial intermediaries
Financial management
Investment advisors
Investment analysis
Investment management companies
Investment policy
Investment strategies
Investors
Managers
Mutual funds
Portfolio management
Portfolio performance
Regression analysis
Stocks
Studies
U.S.A
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Summary:The authors analyzed a large sample of domestic equity separately managed accounts over the 1991–2009 period and found evidence that manager skill persists. They also found that managers who were more active had better returns, and they documented a strong negative relationship between assets under management and future performance, even for large-cap strategies. Large cash inflows and a high number of accounts under management hindered subsequent performance for small-cap strategies.
ISSN:0015-198X
1938-3312
DOI:10.2469/faj.v67.n4.6