This research aims to expand the existing literature on asset management highlighting the impact of strategic choices, made at the firm level, on portfolio management. The analysis is based on one-to-one interviews with 21 equity fund managers working in 10 of the largest Italian AM companies representing nearly 77% of the overall AuM in equity open-end funds. The analysis focuses on several aspects of the companies’ internal organization: the decision making process where the funds’ asset allocation is determined; the presence of in-house research divisions and the role of the sell-side research; the parameters influencing the fund managers’ compensation schemes and the influence of the year-end deadline for the performance measurement in the investment choices.
