Economic Policy Uncertainty and Investment Advisers: Evidence from Separately Managed Accounts

Abstract Book of the 9th International Academic Conference on Management and Economics

Year: 2025

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Economic Policy Uncertainty and Investment Advisers: Evidence from Separately Managed Accounts

Prof. Dr. Elisabeta Pana

 

ABSTRACT:

Using data from separately managed accounts of registered investment advisers, this paper shows that economic policy uncertainty affects the asset allocation. We find an increase in allocation toward riskier assets of separately managed accounts during periods of heightened uncertainty. The effect is limited only to domestic investment advisers with regulatory assets under management below $10 billion in their non-mutual fund business.
JEL Classification: G18, G24, G28, D04, D18, K42

Keywords: financial intermediaries, financial adviser, financial regulation, policy impact evaluation