Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/313712 
Year of Publication: 
2024
Citation: 
[Journal:] Review of Financial Economics [ISSN:] 1873-5924 [Volume:] 43 [Issue:] 1 [Publisher:] Wiley [Year:] 2024 [Pages:] 95-110
Abstract: 
Abstract This study investigates the characteristics and performance of separately managed accounts (SAs), focusing on differences between retail and institutional investor types. It finds that institutional SAs outperform retail and mixed SAs in terms of risk‐adjusted returns, primarily driven by distinctively lower fees and a smaller number of managed accounts. However, once characteristics are controlled for, performance differences become insignificant, suggesting no difference in manager skill. Moreover, the analysis shows that characteristics affect the performance of institutional, retail, and mixed SAs differently. These findings highlight the nuanced impact of investor type on SA performance, offering new insights into asset management practices.
Subjects: 
institutional
performance
retail
separate accounts
Persistent Identifier of the first edition: 
Creative Commons License: 
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Document Type: 
Article
Document Version: 
Published Version
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