We show that early-life family disruption (death or divorce of a parent) causes fund managers to be more risk averse …-treated managers. This effect is most pronounced for managers who experienced family disruption during their formative years or who had …

This paper investigates the role of the family organization of the mutual fund industry in shaping managerial portfolio … same fund family significantly outperform managers who passively mimic their family's portfolio. The superior performance … the family portfolio because withholding their investment ideas from family peers enables such managers to achieve top …