Do investor types matter? A comparative analysis of separate account characteristics and performance

  • This study investigates the characteristics and performance of separately managed accounts (SAs), focusing on differences between retail and institutional investor types. It finds that institutional SAs outperform retail and mixed SAs in terms of risk-adjusted returns, primarily driven by distinctively lower fees and a smaller number of managed accounts. However, once characteristics are controlled for, performance differences become insignificant, suggesting no difference in manager skill. Moreover, the analysis shows that characteristics affect the performance of institutional, retail, and mixed SAs differently. These findings highlight the nuanced impact of investor type on SA performance, offering new insights into asset management practices.

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Metadaten
Author:Martin RohlederORCiDGND, Hendrik Tentesch, René WehGND, Marco WilkensORCiDGND
URN:urn:nbn:de:bvb:384-opus4-1176645
Frontdoor URLhttps://opus.bibliothek.uni-augsburg.de/opus4/117664
ISSN:1058-3300OPAC
ISSN:1873-5924OPAC
Parent Title (English):Review of Financial Economics
Publisher:Wiley
Place of publication:Hoboken, NJ
Type:Article
Language:English
Year of first Publication:2024
Publishing Institution:Universität Augsburg
Release Date:2024/12/17
Volume:43
Issue:1
First Page:95
Last Page:110
DOI:https://doi.org/10.1002/rfe.1221
Institutes:Wirtschaftswissenschaftliche Fakultät
Wirtschaftswissenschaftliche Fakultät / Institut für Betriebswirtschaftslehre
Wirtschaftswissenschaftliche Fakultät / Institut für Betriebswirtschaftslehre / Lehrstuhl für Finanz- und Bankwirtschaft
Dewey Decimal Classification:3 Sozialwissenschaften / 33 Wirtschaft / 330 Wirtschaft
Licence (German):CC-BY 4.0: Creative Commons: Namensnennung (mit Print on Demand)

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