This study uses Canadian mutual fund data from 2005-2020 to compare fund flows of bank managed mutual funds with those of non-bank managed mutual funds. We document that relative to non-bank funds, bank funds consistently exhibit lower flows on a monthly basis. Moreover, bank funds demonstrate lower flow-sensitivity to performance than non-bank funds. Further investigation reveals this effect is driven largely by lower outflows following poor performance, as it appears that these investors are trusting of fund managers enough to stay the investment course. We further separate the data into equity, bond, and balanced funds and find that the flow difference between bank and non-bank funds is largest in equity funds, smaller in balanced funds, but non-existent in bond funds. Finally, we document that this effect is dramatically weakening over our sample period. Our study has meaningful implications for regulators, fund investors, banks, as well as mutual fund managers.

本研究使用 2005 年至 2020 年加拿大共同基金数据来比较银行管理共同基金与非银行管理共同基金的资金流量。我们发现，相对于非银行基金，银行基金的月度流量始终较低。此外，银行基金对业绩的流量敏感性低于非银行基金。进一步调查显示，这种效应主要是由于业绩不佳导致资金流出减少，因为这些投资者似乎对基金经理有足够的信任，足以坚持投资。我们进一步将数据分为股票型、债券型和平衡型基金，发现银行与非银行资金的流量差异在股票型基金中最大，在平衡型基金中较小，而在债券型基金中则不存在。最后，我们记录了这种影响在我们的样本期内急剧减弱。我们的研究对监管机构、基金投资者、银行以及共同基金经理具有重要意义。