TY - JOUR T1 - The End of the Boutique: <em>Concentration in the Institutional Asset Management Industry</em> JF - The Journal of Investing SP - 126 LP - 134 DO - 10.3905/JOI.2009.18.1.126 VL - 18 IS - 1 AU - Robert G Snigaroff AU - David Wroblewski Y1 - 2009/02/28 UR - https://pm-research.com/content/18/1/126.abstract N2 - The largest institutional asset management firms are growing quite large, relative to the competition. An important reason why is their customers, the largest institutional pension funds, are also growing larger relative to all defined benefit pension funds. We demonstrate this. Theory and empirical evidence both suggest larger firms have a performance disadvantage. We also demonstrate this and discuss implications for the funds and the managers.TOPICS: Performance measurement, pension funds, risk management ER -