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Major geopolitical shifts, notably the eventual Brexit, lead to interesting questions about international outsourcing possibilities of fund management services. Chuprinin, Massa and Schumacher (2015) analyze the impact of outsourcing in the international Fund Industry. Their approach is based on a distinction between Funds that are managed and marketed by the same financial group, called “in-house”, and Funds managed on behalf of other financial groups called “outsourced”. The management company is supposed to perform the management of the portfolio and the fund family, the distribution and marketing of the fund. For in-house managed funds, the management company and the fund family belong to the same entity.
In order to detect outsourced funds, the difference in...
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