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Abstract
The largest institutional asset management firms are growing quite large, relative to the competition. An important reason why is their customers, the largest institutional pension funds, are also growing larger relative to all defined benefit pension funds. We demonstrate this. Theory and empirical evidence both suggest larger firms have a performance disadvantage. We also demonstrate this and discuss implications for the funds and the managers.
TOPICS: Performance measurement, pension funds, risk management
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US and Overseas: +1 646-931-9045
UK: 0207 139 1600