Flagship Funds at Hedge Fund Families
Motivated by the stellar performance of flagship funds such as the Renaissance Medallion fund, we ask whether hedge fund firms (e.g. Renaissance Technologies) have incentives to protect the performance of their flagship funds (e.g. Medallion). We find that the flagship fund tends to outperform other...
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2011
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sg-smu-ink.bnp_research-10272018-06-13T02:40:26Z Flagship Funds at Hedge Fund Families TEO, Melvyn Motivated by the stellar performance of flagship funds such as the Renaissance Medallion fund, we ask whether hedge fund firms (e.g. Renaissance Technologies) have incentives to protect the performance of their flagship funds (e.g. Medallion). We find that the flagship fund tends to outperform other funds within the fund family. The fees and redemption terms of non-flagship funds at launch is correlated with the past performance of the flagship fund. Finally, flagship fund performance has a positive impact on net flows into the other funds within the same family. 2011-10-01T07:00:00Z text application/pdf https://ink.library.smu.edu.sg/bnp_research/26 https://ink.library.smu.edu.sg/cgi/viewcontent.cgi?article=1027&context=bnp_research http://creativecommons.org/licenses/by-nc-nd/4.0/ Research Collection BNP Paribas Hedge Fund Centre eng Institutional Knowledge at Singapore Management University hedge funds flagship funds performance Finance and Financial Management |
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Singapore Management University |
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English |
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hedge funds flagship funds performance Finance and Financial Management |
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hedge funds flagship funds performance Finance and Financial Management TEO, Melvyn Flagship Funds at Hedge Fund Families |
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Motivated by the stellar performance of flagship funds such as the Renaissance Medallion fund, we ask whether hedge fund firms (e.g. Renaissance Technologies) have incentives to protect the performance of their flagship funds (e.g. Medallion). We find that the flagship fund tends to outperform other funds within the fund family. The fees and redemption terms of non-flagship funds at launch is correlated with the past performance of the flagship fund. Finally, flagship fund performance has a positive impact on net flows into the other funds within the same family. |
| format |
text |
| author |
TEO, Melvyn |
| author_facet |
TEO, Melvyn |
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TEO, Melvyn |
| title |
Flagship Funds at Hedge Fund Families |
| title_short |
Flagship Funds at Hedge Fund Families |
| title_full |
Flagship Funds at Hedge Fund Families |
| title_fullStr |
Flagship Funds at Hedge Fund Families |
| title_full_unstemmed |
Flagship Funds at Hedge Fund Families |
| title_sort |
flagship funds at hedge fund families |
| publisher |
Institutional Knowledge at Singapore Management University |
| publishDate |
2011 |
| url |
https://ink.library.smu.edu.sg/bnp_research/26 https://ink.library.smu.edu.sg/cgi/viewcontent.cgi?article=1027&context=bnp_research |
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