We examine the determinants and consequences of mutual fund managers simultaneously managing multiple funds. Well …-performing managers multitask by taking over poorly performing funds or launching new funds. Subsequent to multitasking, funds run by … managers prior to multitasking (i.e., incumbent funds) experience performance deterioration while the performance of the …

managers simultaneously manage multiple funds. We show that wellperforming managers multitask either by taking over poorly … performing funds within fund companies (i.e., acquired funds) or by launching new funds. We find that funds managed by managers …

of such “multitasking” arrangements. We find that, despite fund companies choosing more qualified managers to run … greater distraction of managers since underperformance is more pronounced when managers are responsible for more funds or … strategies. Further supporting the distraction hypothesis, multitasking managers devote less effort to their funds. Despite this …