The Lure of the Brand: Evidence from the European Mutual Fund Industry

Jan Jaap Hazenberg, Fabian Irek (), Willem van der Scheer and Mariela Stefanova

European Financial Management, 2015, vol. 21, issue 5, 867-904

Abstract: We investigate the effect of the fund family's brand on mutual fund flows by using a unique data set that represents a direct assessment of the brand image of European fund providers. A superior brand image increases the sensitivity of flows to good past performance, while it protects against outflows when there is underperformance. Flows of funds of independent providers have a higher sensitivity to past performance and brand image than flows of funds of providers owned by banks or insurers. These findings highlight the importance of marketing and brand in generating growth for the fund families.

Date: 2015
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