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New academic research suggests that specialist, boutique asset managers outperform their larger counterparts – significantly so in the case of European Mid/Small Cap and Global Emerging Market funds.
In what is believed to be the first academic analysis of the performance of European boutique asset managers versus their larger counterparts, Cass Business School Asset Management Professor Andrew Clare, says that the ‘boutique premium’ demonstrated by AMG Group in 2015 for US equities, also appears to be evident in the European Fund Management industry. He found that the average outperformance of boutiques in Europe appears to be as great as 0.56% per year and 0.23% per year net of fees (or 0.82% and 0.52% gross of fees) depending on the methodology employed.
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