Performance-based Compensation Contracts in the Asset Management Industry

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The design of performance-based compensation structures in the management of investment funds is linked to a range of possible behavioral patterns and implications. In addition to reducing agency costs by aligning the target functions of fund manager and investor, selection capabilities may increase, or even risk attitudes change. Each potential design entails its own advantages and disadvantages for all parties concerned.

Author: Martin Schliemann and Matthias Stanzel

The design of performance-based compensation structures in the management of investment funds is linked to a range of possible behavioral patterns and implications. In addition to reducing agency costs by aligning the target functions of fund manager and investor, selection capabilities may increase, or even risk attitudes change. Each potential design entails its own advantages and disadvantages for all parties concerned.

 

Performance-based Compensation Contracts in the Asset Management Industry.

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