Learning about individual managers’ performance in UK pension funds: The importance of specialization |
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| Institution: | 1. Department of Finance and Economics, Texas State University, San Marcos, TX 78666, United States;2. Kellstadt Graduate School of Business and The Department of Economics, DePaul University, Chicago, IL 60604, United States;1. Institute of Mathematical Sciences, Faculty of Science, University of Malaya, Kuala Lumpur, Malaysia;2. School of Mathematics and Statistics, Faculty of Science, The University of Sydney, NSW 2006, Australia;3. Department of Mathematical and Actuarial Sciences, Lee Kong Chian Faculty of Engineering and Science, Universiti Tunku Abdul Rahman, Malaysia;4. School of Business and Law, Edith Cowan University, WA, Australia;1. College of Business, Chosun University, 309 Pilmundaero, Dong-Gu, Gwangju 61452, Republic of Korea;2. College of Business, Korea Advanced Institute of Science and Technology (KAIST), 85 Hoegiro, Dongdaemun-Gu, Seoul 02455, Republic of Korea;1. University of Liège, HEC – Management School, Belgium;2. EDHEC Business School, Lille-Nice, France;3. Haute Ecole Fr. Ferrer, Brussels, Belgium;4. Maastricht University, School of Business and Economics, Maastricht, The Netherlands;5. Gambit Financial Solutions, Belgium |
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| Abstract: | This study examines the performance of managers over time, as well as its persistence, taking into account both manager characteristics and market conditions. Applying parametric and non-parametric methodologies, we examine a sample of UK equity pension fund managers. Our results help to understand the importance of manager assignments in the industry and reveal the importance and benefits of management specialization. We find certain manager performance persistence, revealing that some managers are better than others and possess superior investment skills. Additionally, we find that managers achieve better results when they run a single fund or one investment-objective funds, which allows managers to focus on specific tasks. Nonetheless, manager performance varies with market conditions and highlights managers’ different skills. Specialist managers perform better in bullish markets, and generalists perform better in bearish periods. |
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| Keywords: | Generalist managers Pension funds Performance Persistence Specialist managers G10 G23 |
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