Asset management standards are crucial for building trust between investors and capital market experts. The issue of corporate governance has been thrown into the spotlight by the disastrous collapse of Enron and the implications for the industry. The proposed standards are relevant for the...

Management companies assign some portfolio managers to run funds within a single investment objective, specialists, and others to run funds across several investment objectives, generalists. Our results show that funds achieve higher performance when they appoint superior pickers as specialists...