Winning Teams or Winning Pay? The Impact of Team Allocation on Fund Manager Compensation and Careers
研究了团队分配如何影响共同基金经理的薪酬、未来生产力和职业发展，发现高质量团队虽降低当前薪酬但加速职业成长。
Abstract We examine how team allocation shapes mutual fund managers’ compensation as well as their future productivity and careers. Assignment to a high-quality team lowers immediate compensation but accelerates career development—sharpening investment skill, boosting media visibility, deepening industry and style specialization, and raising future revenue. Team quality also raises promotion odds and explains the steep, tenure-based earnings profile common in asset management. Team allocation therefore acts as a career-steering mechanism embedded in fund-family compensation contracts.