Performance clustering and incentives in the UK pension fund industry

Book, Preprint OPEN
David Blake; Bruce N. Lehmann; Allan Timmermann;
  • Publisher: Financial Markets Group, London School of Economics and Political Science
  • Subject: HG Finance | HB Economic Theory
    • jel: jel:J1 | jel:F3 | jel:G3

Despite pension fund managers being largely unconstrained in their investment decisions, this paper reports evidence of clustering in the performance of a large cross-section of UK pension fund managers around the median fund manager. This finding is explained in terms ... View more
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