Asset Management within Commercial Banking Groups: International Evidence
研究全球商业银行旗下资产管理公司运作的股票型共同基金，发现其业绩比非银行附属基金每年低92个基点，原因在于利益冲突导致基金超配银行借款客户的股票。
ABSTRACT We study the performance of equity mutual funds run by asset management divisions of commercial banking groups using a worldwide sample. We show that bank‐affiliated funds underperform unaffiliated funds by 92 basis points per year. Consistent with conflicts of interest, the underperformance is more pronounced among those affiliated funds that overweight the stock of the bank's lending clients to a great extent. Divestitures of asset management divisions by banking groups support a causal interpretation of the results. Our findings suggest that affiliated fund managers support their lending divisions’ operations to reduce career concerns at the expense of fund investors.