Concentração na gestão de fundos de investimento no Brasil: uma análise a partir da taxa de administração e de retorno

Abstract

This study’s objective was to evaluate the effects of the concentration of asset management firms on the charging of management fees and return of investment funds. To this end, a sample of 9531 funds was analyzed in the fixed income, foreign exchange, multimarket and stock classifications, ranging from the year 2010 to 2021. This study uses and compares two market indices, the Herfindahl-Hirschman index and the Entropy index. The results of the work indicate that management fees reduce with increasing concentration in the fund management market. In addition, they pointed to evidence that greater competition provides greater returns for investors.