The Fund Industry

Pozen, Robert C.; Hamacher, Theresa; Phillips, Don R.

doi:10.1002/9781118266519

Cited by 19 publications

(14 citation statements)

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“…Finally, it coordinates other needed services, such as shareholder servicing through the transfer agent. Profits largely depend on the fees earned for providing each of these services (Pozen and Hamacher, 2011). Typically, investors bear several costs when investing in mutual funds, such as distribution fees, securities transaction costs, investor’s transaction charges, fund services charges, management fees and performance charges (Pozen and Hamacher, 2011).…”

Section: Fee Structure In the Fund Management Industrymentioning

confidence: 99%

“…Profits largely depend on the fees earned for providing each of these services (Pozen and Hamacher, 2011). Typically, investors bear several costs when investing in mutual funds, such as distribution fees, securities transaction costs, investor’s transaction charges, fund services charges, management fees and performance charges (Pozen and Hamacher, 2011). The paper will not consider the first four fees classes, as they are not relevant in the real estate fund industry.…”

Section: Fee Structure In the Fund Management Industrymentioning

confidence: 99%

“…Distribution fees remunerate the intermediaries selling units, and they account for a minimum proportion of the fund management companies’ earnings. The goal of distribution fees is to ensure that the distributor recovers his upfront sales costs even if an investor redeems the investment after a short holding period (Pozen and Hamacher, 2011). If the fund units are sold directly to investors, the management company collects the entire distribution fee.…”

Section: Fee Structure In the Fund Management Industrymentioning

confidence: 99%

“…Some funds may include these charges directly into the management fee. In this case, all the risks and benefits of managing the fund expenses are transferred to the management company (Pozen and Hamacher, 2011).…”

Section: Fee Structure In the Fund Management Industrymentioning

confidence: 99%

“…The management fee level varies based on the asset the fund is investing in (i.e. stocks funds have the highest management costs – from 65 to 100 basis points –, followed by fixed income funds – between 45 and 62 basis points – and money market funds – from 20 to 45 basis points) (Pozen and Hamacher, 2011). The management fee also depends on the assets under management; when assets exceed a certain threshold level, these fees can be reduced (Kinnel, 2010).…”

Section: Fee Structure In the Fund Management Industrymentioning

confidence: 99%

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Performance determinants of European private equity real estate funds

Morri

Perini

Anconetani

2021

JERER

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Purpose The paper aims to investigate the performance determinants of European non-listed private equity real estate funds between 2001 and 2014. Design/methodology/approach Using a sample of 363 funds collected from the Inrev database, the analysis evaluated the impact of fees and other intrinsic characteristics of these funds, such as leverage, size and duration, on the funds’ performance, intending to enhance the understanding underlying their relationship. Findings The findings show a negative relationship between the return of the funds and redemption fee, performance fee and management fee. Conversely, marketing fees have a positive effect on performance. When analyzing the investment style, the results reveal inhomogeneous behaviors of leverage on funds’ performance. This variable has a positive impact on the return in core funds, while there is a negative relationship in value-added investments. Finally, the emphasis on the global financial crisis shows that the effects of the independent variables on the performance do not significantly change in different economic cycles. Practical implications The practical implication of the research is to understand whether an investor can direct its resources in a fund, leveraging on certain intrinsic characteristics that can be observed a priori. Originality/value Even if there is a considerable body of literature on determinants of performance in European non-listed real estate funds, little research has analyzed the role of fees in driving their results. Besides, this paper takes advantage of observations from different investment styles to emphasize the impact of higher or lower risk profiles and from the full economic cycle to understand the effects of the crisis period.

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Section: Fee Structure In the Fund Management Industrymentioning

confidence: 99%

Section: Fee Structure In the Fund Management Industrymentioning

confidence: 99%

Section: Fee Structure In the Fund Management Industrymentioning

confidence: 99%

Section: Fee Structure In the Fund Management Industrymentioning

confidence: 99%

Section: Fee Structure In the Fund Management Industrymentioning

confidence: 99%

See 3 more Smart Citations

Performance determinants of European private equity real estate funds

Morri

Perini

Anconetani

2021

JERER

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Institutions and Regulations of Capital Markets

2012

Islamic Capital Markets

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The ascension of executives' tenure, corporate risk-taking and corporate performance: evidence from Malaysia

Atayah

Najaf

Subramaniam

et al. 2021

APJBA

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PurposeThis study aims to investigate the implication of top executives’ number of years of experience (tenure) on corporate risk-taking behaviour and corporate performance in Malaysian corporations.Design/methodology/approachTo test the hypothesis efficiently, the authors have extracted the data from Bloomberg for 788 listed companies of the Malaysian Stock Exchange. The methodology entails ordinary least squares regressions, quantile regression and dynamic system generalized method of moments model.FindingsFirst, the authors show that executive management tenure has a significant negative relationship with corporate risk-taking. It means that the long-tenured executives tend to undertake less risky strategies and decisions. Second, this study reveals that the longer executive management tenure has a positive relationship with corporate performance. Third, the moderating effect of corporate risk-taking with executive tenure (Tenure dummy*Risk) has a negative relationship with the corporate performance by 1%.Practical implicationsIt implies that the appointment of experienced executive management contributes towards corporate performance directly. However, experienced management trends take less risk, which eventually results in mitigating the corporate performance. On that basis, the findings are significant in highlighting the usefulness of executive leadership term and offers insights to academics, practitioners and policymakers.Originality/valueThis paper is novel since it is unique in evaluating the executive tenure and the preferences to handle risk strategies and how that impact the firm performance.

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The Fund Industry

Cited by 19 publications

References 0 publications

Performance determinants of European private equity real estate funds

Performance determinants of European private equity real estate funds

Institutions and Regulations of Capital Markets

The ascension of executives' tenure, corporate risk-taking and corporate performance: evidence from Malaysia

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