Investors seeking exposure to global equity markets commonly buy international mutual funds managed by locally based fund managers. How competitive is this form of intermediated investing? We investigate whether international equity fund managers mimic each other's portfolio holdings and analyze...

This paper presents new evidence on the origins of investment management companies. Specifically, we examine the characteristics and nature of those quot;parentquot; fund companies from which at least one of their key fund manager personnel departed to establish their own independent firms....