. Presumably, competition can substitute for incentive pay in providing incentives for fund managers to serve their clients … schemes: Funds with performance-based fees, facing no competition; funds with assets-under-management (AUM)-based fees and … virtually no competition; and funds with AUM-based fees, operating in a competitive environment. Funds with performance …

) is that competition among fund managers should provide them with the adequate incentives to make investment decisions … incentive fees and competition on the performance of three exogenously-given types of long-term savings schemes operated by the … same management companies: (i) funds with performance-based fees, facing no competition; (ii) funds with AUM-based fees …

) is that competition among fund managers should provide them with the incentives to make investment decisions that would … fees and competition on the performance of retirement savings schemes. Taking advantage of a unique institutional setup, we … performance-based fees, facing no competition; (ii) funds with AUM-based fees, facing low competitive pressure; and (iii) funds …