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The Performance of Investment Bank Affiliated Mutual Funds:Informational Advantage or Conflicts of Interest?

Author: HuangRong
Tutor: CaiQingFeng
School: Xiamen University
Course: Investment
Keywords: Securities investment fund conflict of interest ownershipstructure
CLC:
Type: Master's thesis
Year: 2014
Downloads: 7
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Abstract

As of the end of January2014,the public offering fund assets totaling4266.5billion RMB. As the main institutional investors in the capital market, its investment behaviors play an important role on not only the development of capital market, but also the protection of investment of the funds. In the field of impact of funds’ ownership structure on the performance of the fund, most of the domestic literature using the research method of ordinary company, mainly focus on ownership concentration or stockholder background.However, the author found that:41of China’s92public offering of the fund management companys are mainly hold by investment Banking. Due to the conflict of interests and collusion between investment bank and their controlling funds, investment bank has motivation using fund management company for its investment bank "to attract customers". This paper examines the investment-bank affiliated funds’performance and the investment behavior from the perspective of interest conflicts, on the one hand to fill the gaps in the relevant research field, on the other hand, provides the fund a unique perspective of equity structure research.Methods by combining theoretical analysis and empirical research, from the "information-advantage" and "conflict of interest" this new angle on the fund equity background influence on fund performance and the investment behavior. The2008to2013fund performance and stock data as a sample. First of all, hand finishing the shareholders of the fund, and the fund management company "branches", secondly, on the basis of this, an empirical comparison of the affiliated fund and non-affiliated management companies the fund management company’s performance. Once again, as an extension and supplement to the research of securities holdings of the fund management company, this paper further examines the possible causes of affiliated fund management company this performance deviation. Analysis and discussion of investment behavior at the end of the affiliated fund management company, and puts forward the related regulation and investor protection suggestions.The findings of this research, proved the risk adjusted performance of affiliated is lower than that of the non-affiliated funds. The cause of this performance difference may be over-holding of customer-stock, however, the part of the holding of customer performance is worse.The main significance and innovation of this paper lies in^first, the new perspective of intra group information advantage and conflicts of interest in the domestic fund research field, not only enriches the field of literature, but also provides a more intuitive information for market participants. Secondly, this paper quantitatively explores the specific reasons for this performance difference, fills the gaps in the field of empirical test. Finally, this unique perspective, it has realistic significance to the governance of fund management companies, fund supervision, investor protection.

The Performance of Investment Bank Affiliated Mutual Funds:Informational Advantage or Conflicts of Interest?

Abstract

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