Combining investment advice and asset management

被引：0
|
作者：
Hlobil, T. M. [1 ]
van Leuvensteijn, M. [1 ]
机构：
[1] Netherlands Author Consumers & Markets, The Hague, Netherlands
来源：
ECONOMICS LETTERS | 2020年 / 197卷
关键词：
Pension funds; Investment advice; Asset management; Agency costs; ECONOMIES; SCALE;
D O I：
10.1016/j.econlet.2020.109627
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Dutch pension funds often hire investment consultants to give advice on how to invest the retirement contributions of their participants and to manage these investments. Combining investment advice with asset management has potential benefits for pension funds: lower prices for asset management that is tailored to investment advice. But there are also agency costs to consider. Investment consultants know more than investors do. Will investment consultants not tailor their advice to sell their asset management services? This article uses a regulatory dataset on Dutch pension funds to explore this question. (C) 2020 Elsevier B.V. All rights reserved.
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