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The profile of a Polish mutual fund manager

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Filip D.

Journal of Economics and Management

2018

vol. 32

30-47

Aim/purpose – The purpose of this paper is to identify the characteristics that are typical of mutual fund managers. Design/methodology/approach – The study concentrates on a set of socio-demographic data, such as: age, gender, education, experience, and professional qualifications of 336 portfolio managers. The applied research strategy relies on an analysis concerning a set of statistical metrics describing the population under examination. Findings – The average Polish fund manager is a 37-year-old man, a holder of a stock-broker or investment adviser license. He obtained the authorization from the Polish Financial Supervision Authority (KNF) a few years after graduating from the Warsaw School of Economics (SGH). He has 11 years’ experience in financial markets and 7 years’ experience in the mutual fund industry. Research implications/limitations – The identification of managerial characteristics for the purpose of creating a profile of a Polish mutual fund manager will provide an important basis for further surveys and analyses aimed to evaluate the effectiveness of mutual funds. Originality/value/contribution – There are no investigations within the discussed area in Polish studies. Therefore, the identification of the characteristics that are typical of mutual fund managers will make a contribution to the finance literature.

Manager’s gender and professional credentials in the performance of Polish investment funds

100%

Filip D.

Journal of Economics and Management

2019

vol. 38

46-66

Aim/purpose – This paper focuses on establishing whether investment fund performance is related to managerial characteristics, such as a manager’s gender and professional credentials. Design/methodology/approach – The investigation was conducted on a relatively large study sample covering 275 managers of 98 domestic equity funds operating in Poland in the period 2000-2017. The verification of the hypotheses was based on three groups of research tools, including tests for differences in the mean values and distributions of rates of return in two samples of funds, where a gender and Chartered Financial Analyst (CFA) were grouping variables, and regression models, where a gender or CFA were dummy factors implemented into asset pricing models. Findings – The obtained results show that there are no disproportions in the performance achieved by funds managed by men and funds (co-)managed by women or managers with or without CFAs. However, the findings related to the latter variable are ambiguous, in particular when regression methods are employed or basic measures of return are used. Research implications/limitations – In order to clarify the influence of some managerial characteristics on fund performance further research in this field is needed. Nevertheless, the results may be of interest to both individual investors and fund families. Originality/value/contribution – To our knowledge, it is the first paper to evaluate the performance of Polish investment funds in relation to managerial characteristics. Moreover, what contributes to the originality of the research is the application of a relatively extensive set of measures of return and the use of a proprietary database with unique variables describing a fund manager’s profile.

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2 Journal of Economics and Management

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The profile of a Polish mutual fund manager

Manager’s gender and professional credentials in the performance of Polish investment funds