Behavioural aspects influencing the performance of Turkish fund managers

Using original survey data collected by the authors in 2005 we investigate the determinants of Turkish fund managers’ performance as measured by the number of clients that a fund manager has, the number of investment funds that the manager is responsible for and the size of the manager’s portfolio. All three measures of Turkish fund manager performance systematically vary with fund manager characteristics. This is consistent with Chevalier and Ellison’s (1999) finding for the USA that some managers are better than others. Further, the number of training courses attended by a manager and years of experience (in a particular organisation and/or as a fund manager) are found to positively influence all three measures of performance. This may suggest that senior managers and those with more training are given more responsibility than less experienced and less trained managers.