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Award-winning research paper suggests subadvisors with a foreign presence are unable to exploit local information.
Funds with international subadvisors don’t have an edge - Award-winning research paper suggests subadvisors with a foreign presence are unable to exploit local information
Internationally based subadvisors don’t measurably improve the performance of mutual funds that focus on markets abroad, according to the winning research.
The paper, Does Subadvising Abroad Improve the Performance of International Mutual Funds?, by Pauline Shum Nolan and Michael Densmore of York University, and Markus Broman of Syracuse University, finds that “managers with a foreign presence do not have an information edge in international investing,” Chris Guthrie, president and CEO at Hillsdale Investment Management Inc., says in a statement.