Aneel Keswani
Bio sketch: Prior to completing his PhD at London Business School, Aneel worked as an economist for a commodities research company and also as a senior school teacher. Aneel taught at both LSE and Lancaster University before coming to Cass, and has also consulted for various investment banks. His main research area is fund management and he is a Director of the Centre for Asset Management Research at Cass
Abstract: In this presentation I will discuss two closely related papers that examine how well mutual funds invest in the shares of other mutual fund companies and how mutual funds vote these same shares. In the first paper, which seeks to shed light on the role played by industry expertise, we find little evidence that inherent own industry knowledge enhances mutual funds’ ability either to time the investment in their industry as a whole or to select individual stocks within it. In the voting paper, we examine whether mutual funds observe their fiduciary responsibility to their fund investors and vote on rival fund companies in a value-increasing fashion or whether they seek to undermine their rivals by voting against value-increasing propositions. By focusing on instances of voting by institutions where conflicts of interest are especially extreme, we obtain novel insights into the question of whose interests institutional managers actually serve.
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