Abstract

http://ssrn.com/abstract=2327042
 
 

References (46)



 


 



Picking Winners? Investment Consultants' Recommendations of Fund Managers


Tim Jenkinson


University of Oxford - Said Business School; Centre for Economic Policy Research (CEPR); European Corporate Governance Institute (ECGI)

Howard Jones


University of Oxford, Saïd Business School

Jose Vicente Martinez


University of Oxford - Said Business School

June 13, 2014


Abstract:     
Investment consultants advise plan sponsors how to invest funds totaling around $25 trillion worldwide. Using survey data, we analyze what drives consultants’ recommendations of institutional U.S. equity funds, what impact these recommendations have on flows, and how much value they add to plan sponsors. We find that consultants’ recommendations of funds are driven largely by soft factors, rather than the funds’ past performance, and that their recommendations have a very significant effect on fund flows. However, we find no evidence that these recommendations add value, suggesting that the search for winners, encouraged and guided by investment consultants, is fruitless.

Number of Pages in PDF File: 64

Keywords: asset management, investment consultants, fund performance, asset flows

JEL Classification: G20, G23, G30

working papers series


Download This Paper

Date posted: September 18, 2013 ; Last revised: June 14, 2014

Suggested Citation

Jenkinson, Tim and Jones, Howard and Martinez, Jose Vicente, Picking Winners? Investment Consultants' Recommendations of Fund Managers (June 13, 2014). Available at SSRN: http://ssrn.com/abstract=2327042 or http://dx.doi.org/10.2139/ssrn.2327042

Contact Information

Tim Jenkinson
University of Oxford - Said Business School ( email )
Park End Street
Oxford, OX1 1HP
United Kingdom
+44 1865 288916 (Phone)
+44 1865 288831 (Fax)
HOME PAGE: http://www.sbs.oxford.edu/timjenkinson
Centre for Economic Policy Research (CEPR)
77 Bastwick Street
London, EC1V 3PZ
United Kingdom
European Corporate Governance Institute (ECGI)
c/o ECARES ULB CP 114
B-1050 Brussels
Belgium
HOME PAGE: http://www.ecgi.org
Howard Jones (Contact Author)
University of Oxford, Saïd Business School ( email )
Park End Street
Oxford, OX1 1HP
Great Britain
HOME PAGE: http://www.sbs.ox.ac.uk/research/people/Pages/HowardJones.aspx
Jose Vicente Martinez
University of Oxford - Said Business School ( email )
United Kingdom
Feedback to SSRN


Paper statistics
Abstract Views: 11,403
Downloads: 3,578
Download Rank: 1,233
References:  46

© 2014 Social Science Electronic Publishing, Inc. All Rights Reserved.  FAQ   Terms of Use   Privacy Policy   Copyright   Contact Us
This page was processed by apollo7 in 0.296 seconds