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Attracting Flow by Attracting Big Clients

By:

Cohen Lauren

Material type: Article

ArticleLanguage: ENG Series: ; 64Publication details: Oct 2009 0Edition: 5Description: 2125-2151 PpSubject(s):

Mutual Funds

DDC classification:

Online resources:

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Summary: We explore a new channel for attracting inflows using a unique data set of corporate 401(k) retirement plans and their mutual fund family trustees. Families secure substantial inflows by being named trustee. We find that family trustees significantly overweight, and are reluctant to sell, their 401(k) client firm's stock. Trustee overweighting is more pronounced when the relationship is more valuable to the trustee family, and is concentrated in those funds receiving the greatest benefit from the inflows. We quantify this flow benefit and find that inclusion in the 401(k) plan has an economically and statistically large, positive effect on inflows.

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Item type	Current library	Call number	Status	Date due	Barcode
Articles	Main Library	Coh (Browse shelf(Opens below))	Available		AR11329

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Previous	Coh Let the Shareholders have a Say	Coh Time to fix China's Arbitration	Coh Finding and Grooming Breakthrough Innovators	Coh Attracting Flow by Attracting Big Clients	Coh/Agr Winning in the Aftermarket	Coh/Khu Growing Talent as if Your Business Depended on It	Coh/Pol Value Spread	Next

We explore a new channel for attracting inflows using a unique data set of corporate 401(k) retirement plans and their mutual fund family trustees. Families secure substantial inflows by being named trustee. We find that family trustees significantly overweight, and are reluctant to sell, their 401(k) client firm's stock. Trustee overweighting is more pronounced when the relationship is more valuable to the trustee family, and is concentrated in those funds receiving the greatest benefit from the inflows. We quantify this flow benefit and find that inclusion in the 401(k) plan has an economically and statistically large, positive effect on inflows.

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