The Study On Fund Managers’ Impact On The Private Trust Fund’s Performance

As one of the private securities investment funds, the private trust fund which is born from2004has existed for nine years. It is issued by the trust platform. It is a formal and allowableprivate fund. Due to the short development time and incomplete information disclosure, therewere few studys on the relationship of the private trust fund performance and the fundmanagers’ characteristics but many studys on the relationship of the public fund performanceand the fund managers’ characteristics. However, the fund performance of the different privatetrust funds manger varies greatly. Can the investors choose the fund for themselves justaccording to the fund managers’ characteristics? This article launched an in-depth analysis.On the basis of sorting out the domestic and foreign literature review of the relationshipbetween fund performance and fund managers, I selected the last two years’143private trustfunds performance and the fund managers’ characteristics to research. After collectting the dataof the monthly returns of the underlying funds and each fund manager’s personal characteristicsvariables, I conducted a regression analysis by the OLS method and tested the robustness of theempirical results. Through empirical analysis the following are the conclusions. The privatefund managers who have the richer experience and manage more funds are likely to achievebetter returns. In the management of private funds, the higher degree fund managers do notnecessarily have better performance. The performance of the fund managers who have master’sor doctoral degrees is even not as good as the fund managers who have undergraduate degrees.Polytechnic and financial professional background and graduate school rankings are the reasonof the fund managers getting better returns.