Research On Fund Managers Managing Multiple Funds In China

With the development of securities investment funds industry, there is a new phenomenon that some fund managers manage multiple funds in China. The phenomenon may bring the similarities of investment behavior and performance. It wouldn't benefit the dispersion of risk. The main contents of the paper are as follows:First of all, we introduced the research background and significance of the phenomenon of fund managers managing multiple funds in China, and made a brief summary of related domestic and foreign reference papers.What's followed is analysis of the reasons of the phenomenon of fund managers managing multiple funds. The reasons were divided into underlying reason and direct reasons. The underlying reason was the development of securities investment funds industry. While the direct reasons were composed of three points, including continuous issues of new funds, the vacancy brought by resign of fund managers and the fund managers'supplement to existing funds.Then we analyzed the features of fund portfolios, including funds'asset allocation, sectors allocation and heavily held stocks. The results revealed that the samples of the same fund manager managing two funds had the most similar degree, and the samples of two funds managed by different fund managers in the same company had the less similar degree, and the samples of two funds managed by different companies had the least similar degree. In addition, these results were statistically significant.At the same time, we analyzed funds'investment styles, including investment style research on across reporting dates and research on reporting dates. The results revealed that those samples of the same fund manager managing two funds had the most similar degree in investment styles.After the research on investment behavior, we analyzed funds'investment performances. It made a comparison between the following two trends: The first was, the phenomenon of fund managers managing multiple funds may bring the performances'similarities; the second was, the two funds with the same types may also bring the performances'similarities. The results were, if the above two factors both had the significant affects on funds'performances indices (excluding timing selection), the"funds'management modes"was the leading factor of funds'performances.The last chapter was a summary of the whole paper. It also discussed the experts'cultivation and stimulation mechanism of funds industry. Finally there were perspectives of advanced research.