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...

Full description

Saved in:
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
Citations: Items that this one cites
Items that cite this one
Online Access:Get full text
Tags: Add Tag
No Tags, Be the first to tag this record!
cited_by cdi_FETCH-LOGICAL-c371t-11b0c48edc47aeb2bdca729ca42725fa6a78b1c9fe63030401c13d503eeba1723
cites cdi_FETCH-LOGICAL-c371t-11b0c48edc47aeb2bdca729ca42725fa6a78b1c9fe63030401c13d503eeba1723
container_end_page 40
container_issue 4
container_start_page 30
container_title Financial analysts journal
container_volume 67
creator Peterson, James D.
Iachini, Michael J.
Lam, Wynce
description 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.
doi_str_mv 10.2469/faj.v67.n4.6
format article
fullrecord <record><control><sourceid>jstor_proqu</sourceid><recordid>TN_cdi_proquest_miscellaneous_1400824495</recordid><sourceformat>XML</sourceformat><sourcesystem>PC</sourcesystem><jstor_id>23032004</jstor_id><sourcerecordid>23032004</sourcerecordid><originalsourceid>FETCH-LOGICAL-c371t-11b0c48edc47aeb2bdca729ca42725fa6a78b1c9fe63030401c13d503eeba1723</originalsourceid><addsrcrecordid>eNpd0MtLAzEQBvAgCtbqzauwePLgrnnt61iKj0KLBRW8hWx2UnfZJjXJCv3vjVQ8eBqG-TF8fAhdEpxRXtR3WvbZV1FmhmfFEZqQmlUpY4QeownGJE9JXb2fojPv-7hSxvMJWi1aMKHT-85skvmHdFIFcJ0PnfJJsMnaQdupkLzALt4CDPtkJY3cQJvMlLKjCckanLZuK42Cc3Si5eDh4ndO0dvD_ev8KV0-Py7ms2WqWElCSkiDFa-gVbyU0NCmVbKktZKcljTXspBl1RBVaygYZphjoghrc8wAGklKyqbo5vB35-znCD6IbecVDIM0YEcvCMe4opzXeaTX_2hvR2diOlHFfhimhEd0e0DKWe8daLFz3Va6vSBY_FQrYrUiVisMF0XkVwfe-2Ddn6UxLMWYs2-7r3cR</addsrcrecordid><sourcetype>Aggregation Database</sourcetype><iscdi>true</iscdi><recordtype>article</recordtype><pqid>893830214</pqid></control><display><type>article</type><title>Identifying Characteristics to Predict Separately Managed Account Performance</title><source>International Bibliography of the Social Sciences (IBSS)</source><source>Business Source Ultimate【Trial: -2024/12/31】【Remote access available】</source><source>Taylor &amp; Francis</source><source>ABI/INFORM Global</source><source>JSTOR</source><creator>Peterson, James D. ; Iachini, Michael J. ; Lam, Wynce</creator><creatorcontrib>Peterson, James D. ; Iachini, Michael J. ; Lam, Wynce</creatorcontrib><description>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.</description><identifier>ISSN: 0015-198X</identifier><identifier>EISSN: 1938-3312</identifier><identifier>DOI: 10.2469/faj.v67.n4.6</identifier><identifier>CODEN: FIAJA4</identifier><language>eng</language><publisher>Charlottesville: CFA Institute</publisher><subject>Asset management ; Cash ; Cash management ; Costs ; Empirical research ; Equity ; Fees ; Fees &amp; 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</subject><ispartof>Financial analysts journal, 2011-07, Vol.67 (4), p.30-40</ispartof><rights>2011 CFA Institute</rights><rights>Copyright CFA Institute Jul/Aug 2011</rights><lds50>peer_reviewed</lds50><woscitedreferencessubscribed>false</woscitedreferencessubscribed><citedby>FETCH-LOGICAL-c371t-11b0c48edc47aeb2bdca729ca42725fa6a78b1c9fe63030401c13d503eeba1723</citedby><cites>FETCH-LOGICAL-c371t-11b0c48edc47aeb2bdca729ca42725fa6a78b1c9fe63030401c13d503eeba1723</cites></display><links><openurl>$$Topenurl_article</openurl><openurlfulltext>$$Topenurlfull_article</openurlfulltext><thumbnail>$$Tsyndetics_thumb_exl</thumbnail><linktopdf>$$Uhttps://www.proquest.com/docview/893830214/fulltextPDF?pq-origsite=primo$$EPDF$$P50$$Gproquest$$H</linktopdf><linktohtml>$$Uhttps://www.proquest.com/docview/893830214?pq-origsite=primo$$EHTML$$P50$$Gproquest$$H</linktohtml><link.rule.ids>314,780,784,11688,12847,27924,27925,33223,33224,36060,36061,44363,58238,58471,74767</link.rule.ids></links><search><creatorcontrib>Peterson, James D.</creatorcontrib><creatorcontrib>Iachini, Michael J.</creatorcontrib><creatorcontrib>Lam, Wynce</creatorcontrib><title>Identifying Characteristics to Predict Separately Managed Account Performance</title><title>Financial analysts journal</title><description>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.</description><subject>Asset management</subject><subject>Cash</subject><subject>Cash management</subject><subject>Costs</subject><subject>Empirical research</subject><subject>Equity</subject><subject>Fees</subject><subject>Fees &amp; charges</subject><subject>Financial intermediaries</subject><subject>Financial management</subject><subject>Investment advisors</subject><subject>Investment analysis</subject><subject>Investment management companies</subject><subject>Investment policy</subject><subject>Investment strategies</subject><subject>Investors</subject><subject>Managers</subject><subject>Mutual funds</subject><subject>Portfolio management</subject><subject>Portfolio performance</subject><subject>Regression analysis</subject><subject>Stocks</subject><subject>Studies</subject><subject>U.S.A</subject><issn>0015-198X</issn><issn>1938-3312</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>2011</creationdate><recordtype>article</recordtype><sourceid>8BJ</sourceid><sourceid>M0C</sourceid><recordid>eNpd0MtLAzEQBvAgCtbqzauwePLgrnnt61iKj0KLBRW8hWx2UnfZJjXJCv3vjVQ8eBqG-TF8fAhdEpxRXtR3WvbZV1FmhmfFEZqQmlUpY4QeownGJE9JXb2fojPv-7hSxvMJWi1aMKHT-85skvmHdFIFcJ0PnfJJsMnaQdupkLzALt4CDPtkJY3cQJvMlLKjCckanLZuK42Cc3Si5eDh4ndO0dvD_ev8KV0-Py7ms2WqWElCSkiDFa-gVbyU0NCmVbKktZKcljTXspBl1RBVaygYZphjoghrc8wAGklKyqbo5vB35-znCD6IbecVDIM0YEcvCMe4opzXeaTX_2hvR2diOlHFfhimhEd0e0DKWe8daLFz3Va6vSBY_FQrYrUiVisMF0XkVwfe-2Ddn6UxLMWYs2-7r3cR</recordid><startdate>20110701</startdate><enddate>20110701</enddate><creator>Peterson, James D.</creator><creator>Iachini, Michael J.</creator><creator>Lam, Wynce</creator><general>CFA Institute</general><general>Taylor &amp; Francis Ltd</general><scope>AAYXX</scope><scope>CITATION</scope><scope>0U~</scope><scope>1-H</scope><scope>3V.</scope><scope>7WY</scope><scope>7WZ</scope><scope>7X1</scope><scope>7XB</scope><scope>87Z</scope><scope>8A9</scope><scope>8AO</scope><scope>8BJ</scope><scope>8FK</scope><scope>8FL</scope><scope>8G5</scope><scope>ABUWG</scope><scope>AFKRA</scope><scope>ANIOZ</scope><scope>AZQEC</scope><scope>BENPR</scope><scope>BEZIV</scope><scope>CCPQU</scope><scope>DWQXO</scope><scope>FQK</scope><scope>FRAZJ</scope><scope>FRNLG</scope><scope>F~G</scope><scope>GNUQQ</scope><scope>GUQSH</scope><scope>JBE</scope><scope>K60</scope><scope>K6~</scope><scope>L.-</scope><scope>L.0</scope><scope>M0C</scope><scope>M2O</scope><scope>MBDVC</scope><scope>PQBIZ</scope><scope>PQBZA</scope><scope>PQEST</scope><scope>PQQKQ</scope><scope>PQUKI</scope><scope>PRINS</scope><scope>Q9U</scope><scope>S0X</scope></search><sort><creationdate>20110701</creationdate><title>Identifying Characteristics to Predict Separately Managed Account Performance</title><author>Peterson, James D. ; Iachini, Michael J. ; Lam, Wynce</author></sort><facets><frbrtype>5</frbrtype><frbrgroupid>cdi_FETCH-LOGICAL-c371t-11b0c48edc47aeb2bdca729ca42725fa6a78b1c9fe63030401c13d503eeba1723</frbrgroupid><rsrctype>articles</rsrctype><prefilter>articles</prefilter><language>eng</language><creationdate>2011</creationdate><topic>Asset management</topic><topic>Cash</topic><topic>Cash management</topic><topic>Costs</topic><topic>Empirical research</topic><topic>Equity</topic><topic>Fees</topic><topic>Fees &amp; charges</topic><topic>Financial intermediaries</topic><topic>Financial management</topic><topic>Investment advisors</topic><topic>Investment analysis</topic><topic>Investment management companies</topic><topic>Investment policy</topic><topic>Investment strategies</topic><topic>Investors</topic><topic>Managers</topic><topic>Mutual funds</topic><topic>Portfolio management</topic><topic>Portfolio performance</topic><topic>Regression analysis</topic><topic>Stocks</topic><topic>Studies</topic><topic>U.S.A</topic><toplevel>peer_reviewed</toplevel><toplevel>online_resources</toplevel><creatorcontrib>Peterson, James D.</creatorcontrib><creatorcontrib>Iachini, Michael J.</creatorcontrib><creatorcontrib>Lam, Wynce</creatorcontrib><collection>CrossRef</collection><collection>Global News &amp; ABI/Inform Professional</collection><collection>Trade PRO</collection><collection>ProQuest Central (Corporate)</collection><collection>ABI/INFORM Collection (ProQuest)</collection><collection>ABI/INFORM Global (PDF only)</collection><collection>Accounting &amp; Tax Database</collection><collection>ProQuest Central (purchase pre-March 2016)</collection><collection>ABI/INFORM Collection</collection><collection>Accounting &amp; Tax Database (Alumni Edition)</collection><collection>ProQuest Pharma Collection</collection><collection>International Bibliography of the Social Sciences (IBSS)</collection><collection>ProQuest Central (Alumni) (purchase pre-March 2016)</collection><collection>ABI/INFORM Collection (Alumni Edition)</collection><collection>Research Library (Alumni Edition)</collection><collection>ProQuest Central (Alumni)</collection><collection>ProQuest Central</collection><collection>Accounting, Tax &amp; Banking Collection</collection><collection>ProQuest Central Essentials</collection><collection>ProQuest Central</collection><collection>Business Premium Collection</collection><collection>ProQuest One Community College</collection><collection>ProQuest Central</collection><collection>International Bibliography of the Social Sciences</collection><collection>Accounting, Tax &amp; Banking Collection (Alumni)</collection><collection>Business Premium Collection (Alumni)</collection><collection>ABI/INFORM Global (Corporate)</collection><collection>ProQuest Central Student</collection><collection>Research Library Prep</collection><collection>International Bibliography of the Social Sciences</collection><collection>ProQuest Business Collection (Alumni Edition)</collection><collection>ProQuest Business Collection</collection><collection>ABI/INFORM Professional Advanced</collection><collection>ABI/INFORM Professional Standard</collection><collection>ABI/INFORM Global</collection><collection>ProQuest Research Library</collection><collection>Research Library (Corporate)</collection><collection>One Business (ProQuest)</collection><collection>ProQuest One Business (Alumni)</collection><collection>ProQuest One Academic Eastern Edition (DO NOT USE)</collection><collection>ProQuest One Academic</collection><collection>ProQuest One Academic UKI Edition</collection><collection>ProQuest Central China</collection><collection>ProQuest Central Basic</collection><collection>SIRS Editorial</collection><jtitle>Financial analysts journal</jtitle></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext</fulltext></delivery><addata><au>Peterson, James D.</au><au>Iachini, Michael J.</au><au>Lam, Wynce</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>Identifying Characteristics to Predict Separately Managed Account Performance</atitle><jtitle>Financial analysts journal</jtitle><date>2011-07-01</date><risdate>2011</risdate><volume>67</volume><issue>4</issue><spage>30</spage><epage>40</epage><pages>30-40</pages><issn>0015-198X</issn><eissn>1938-3312</eissn><coden>FIAJA4</coden><abstract>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.</abstract><cop>Charlottesville</cop><pub>CFA Institute</pub><doi>10.2469/faj.v67.n4.6</doi><tpages>11</tpages></addata></record>
fulltext fulltext
identifier ISSN: 0015-198X
ispartof Financial analysts journal, 2011-07, Vol.67 (4), p.30-40
issn 0015-198X
1938-3312
language eng
recordid cdi_proquest_miscellaneous_1400824495
source International Bibliography of the Social Sciences (IBSS); Business Source Ultimate【Trial: -2024/12/31】【Remote access available】; Taylor & Francis; ABI/INFORM Global; JSTOR
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
title Identifying Characteristics to Predict Separately Managed Account Performance
url http://sfxeu10.hosted.exlibrisgroup.com/loughborough?ctx_ver=Z39.88-2004&ctx_enc=info:ofi/enc:UTF-8&ctx_tim=2025-01-07T16%3A45%3A28IST&url_ver=Z39.88-2004&url_ctx_fmt=infofi/fmt:kev:mtx:ctx&rfr_id=info:sid/primo.exlibrisgroup.com:primo3-Article-jstor_proqu&rft_val_fmt=info:ofi/fmt:kev:mtx:journal&rft.genre=article&rft.atitle=Identifying%20Characteristics%20to%20Predict%20Separately%20Managed%20Account%20Performance&rft.jtitle=Financial%20analysts%20journal&rft.au=Peterson,%20James%20D.&rft.date=2011-07-01&rft.volume=67&rft.issue=4&rft.spage=30&rft.epage=40&rft.pages=30-40&rft.issn=0015-198X&rft.eissn=1938-3312&rft.coden=FIAJA4&rft_id=info:doi/10.2469/faj.v67.n4.6&rft_dat=%3Cjstor_proqu%3E23032004%3C/jstor_proqu%3E%3Cgrp_id%3Ecdi_FETCH-LOGICAL-c371t-11b0c48edc47aeb2bdca729ca42725fa6a78b1c9fe63030401c13d503eeba1723%3C/grp_id%3E%3Coa%3E%3C/oa%3E%3Curl%3E%3C/url%3E&rft_id=info:oai/&rft_pqid=893830214&rft_id=info:pmid/&rft_jstor_id=23032004&rfr_iscdi=true