Ian Tonks
This paper examines the performance of fund managers responsible for managing the investment decisions of UK pension funds. The paper examines both individual fund manager performance of pension funds under management, and also the persistence of this performance over time. Previous work on UK pension funds has found little evidence of fund manager persistence, but we suggest that this might be due to survivorship bias which may disguise true persistence. Using a large sample of pension funds over the period 1983-97 we find evidence of positive and negative individual fund manager abnormal performance. Further we find strong evidence of persistence in abnormal returns over one year time horizons.
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