After analyzing portfolio differences between separate account‐mutual fund twins, we find that dissimilar “fraternal twins” show significantly lower joint performance than “identical twins.” This finding is consistent with fraternal twins competing for the limited attention of a...

This study investigates the characteristics and performance of separately managed accounts (SAs), focusing on differences between retail and institutional investor types. It finds that institutional SAs outperform retail and mixed SAs in terms of risk‐adjusted returns, primarily driven by...