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Practice paper

Risk management and team-managed mutual funds

Michaela Bär, Conrad S. Ciccotello and Stefan Ruenzi
Journal of Risk Management in Financial Institutions, 4 (1), 57-73 (2010)
https://doi.org/10.69554/HUET8022

Abstract

This paper relies on mutual fund industry data to examine the consequences of a specific risk-management policy. The focus is on the decision by a mutual fund sponsor to employ a fund management team instead of a solo manager. The analysis shows that team-managed funds tend to have (1) more reliable investment styles; (2) less tournament behaviour; and (3) more stable performance over time than solo-managed funds. While risk-adjusted net returns of team-managed funds are slightly lower than those of their solo-managed counterparts, team-managed funds attract significantly more new cash flows from investors. Thus, the paper provides empirical evidence that there is not necessarily a conflict between the objectives of risk management and value maximisation in financial institutions.

Keywords: conflicts of interest; risk management; teams; mutual funds; G01; G23; G29

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Citation

Bär, Michaela, Ciccotello, Conrad S. and Ruenzi, Stefan (2010, December 1). Risk management and team-managed mutual funds. In the Journal of Risk Management in Financial Institutions, Volume 4, Issue 1. https://doi.org/10.69554/HUET8022.

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cover image, Journal of Risk Management in Financial Institutions
Journal of Risk Management in Financial Institutions
Volume 4 / Issue 1
© Henry Stewart
Publications LLP

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