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To control for management company effects, we compare SRI and conventional funds run by the same management company and find that performance differences become small and statistically insignificant. These results suggest that differences between SRI and conventional funds may be explained by management company-level factors that determine both fund performance and the company's decision to manage SRI funds. We further explore this issue by distinguishing between SRI funds run by management companies specialized in SRI and those run by generalist companies. Our results show that SRI funds managed by generalist companies actually underperform, both before and after fees,. | cutting through complexity fl w fl ij fl I kpmg.com F. I I II I I I L I n I I I I I I II . FINANCIAL SERVICES Evolving Investment Management Regulation A clear path ahead June 2012 Lead Editors Charles Muller Partner Financial Services Regulatory Center of Excellence EMA region KPMG in Luxembourg James Suglia Head of KPMG s Investment Management Sector Global Advisory Bonn Liu Head of Investment Management KPMG s ASPAC region Financial Services Regulatory Centers of Excellence Giles Williams Partner Financial Services Regulatory Center of Excellence EMA region KPMG in the UK T 44 20 7311 5354 E giles.williams@kpmg.co.uk Jim Low Partner Financial Services Regulatory Center of Excellence Americas region KPMG in the US T 1 21 2872 3205 E jhlow@kpmg.com Simon Topping Principal Financial Services Regulatory Center of Excellence ASPAC region KPMG in China T 852 2826 7283 E simon.topping@kpmg.com About this report This report was developed by KPMG s network of regulatory experts. The insights are based on discussion with our firms clients our professionals assessment of key regulatory developments and through our links with policy bodies. We would like to thank all members of the editorial and project teams who have helped develop this report. Editorial and project teams Weronika Anasz Meghan Meehan John Schneider KPMG in China KpMg in the US KPMG in the US Aggie Anthimidou Zoe Pope Brittany Spriggs KpMg in the UK KPMG in Canada KPMG in the US Tom Brown Heleen Rietdijk Mireille Voysest KPMG in the UK KPMG in the UK KPMG in the UK Rachael Kinsella Dee Ruddy KPMG in the UK KPMG in Luxembourg Jonathan Lee Cara Scarpino KPMG in China KPMG in the US 2012 KPMG International. KPMG International is a Swiss cooperative. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties .
