PT - JOURNAL ARTICLE AU - Robert G Snigaroff AU - David Wroblewski TI - The End of the Boutique: <em>Concentration in the Institutional Asset Management Industry</em> AID - 10.3905/JOI.2009.18.1.126 DP - 2009 Feb 28 TA - The Journal of Investing PG - 126--134 VI - 18 IP - 1 4099 - https://pm-research.com/content/18/1/126.short 4100 - https://pm-research.com/content/18/1/126.full AB - 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