Institutional Investment Flows and the Determinants of Top Fund Manager Turnover

36 Pages Posted: 7 Apr 2005

See all articles by Elor Dishi

Elor Dishi

UNSW Australia Business School, School of Banking and Finance

David R. Gallagher

Bond University

Jerry T. Parwada

UNSW Business School; Financial Research Network (FIRN)

Date Written: April 2006

Abstract

This study examines how the termination of superannuation investment mandates contributes to the departure of top fund managers in companies delegated the portfolio management role. Terminations of superannuation plan mandates increase the probability of a fund company changing the responsible fund manager. Objective-adjusted returns are also significant managerial turnover considerations. These results illustrate that significant losses of superannuation fund clients act as an external control mechanism in the investment management industry that complements internal managerial performance measures.

Keywords: Fund Flows, Pension Plan Mandates, Performance, Manager Termination

JEL Classification: G11, G23

Suggested Citation

Dishi, Elor and Gallagher, David R. and Parwada, Jerry T., Institutional Investment Flows and the Determinants of Top Fund Manager Turnover (April 2006). Available at SSRN: https://ssrn.com/abstract=696362 or http://dx.doi.org/10.2139/ssrn.696362

Elor Dishi

UNSW Australia Business School, School of Banking and Finance ( email )

Sydney, NSW 2052
Australia

David R. Gallagher

Bond University ( email )

Centre for Data Analytics, Bond Business School
Gold Coast, QLD 4229
Australia

Jerry T. Parwada (Contact Author)

UNSW Business School ( email )

UNSW Business School
High St
Sydney, NSW 2052
Australia

Financial Research Network (FIRN)

UNSW
Sydney, NSW 2052
Australia

HOME PAGE: http://www.firn.org.au

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