<p>This study seeks to evaluate the performance of unit trust managers based on their client affiliation classification. Worldwide, the number of investors investing in unit trusts is on the rise and increasingly they want to be able to evaluate the performance of the managers managing their funds so as to make better investment decisions. This increase in the asset size and number of unit trusts funds could be attributed but not limited to the low capital required for investment by small investors who before could not afford to invest in portfolios requiring large capital (Prather, Bertin, and Henker, 2004). In addition, the fund managers of these units are believed to have special skills such as market timing and stock selectivity which contribute to the performances they achieve. The evaluation of the performance of unit trust fund managers is a largely unexplored area in South Africa. As a result, the study focuses on South Africa fund managers and has as aim to evaluate the performance of two groups of fund managers (independent and dependent) who were classified based on their client affiliation structure. The client affiliation classification is as a result of the fund manager‟s clientele base. The dependent group are those who formed part of a group structure and offer other wealth management services for which their clients or investors in the unit trust services originate from within the group while the independent group are those whose clients are pulled together from diverse individuals or institutions and does not form part of a group or render other services other than fund management. Two fund types were selected namely / general equity funds and balanced funds. It has also examined the underlying skills the different groups of fund managers possess. The performance of unit trust has an effect on many parties who are related in one way or the other to the unit trust funds. The results of this study will inform individual investors, trustees and asset consultants in their decision making process of selecting a fund manager. The results of the study will be of value to the asset management industry in terms of assessing their structures and restructuring the investment service business to meet the expectations of their clients / the investors. It could also be used as a marketing tool. Publicly available historical data on the returns generated by fund managers for a five year period from&nbsp / 2005 to 2009 was obtained. Analyses were done using the independent sampled t-test and the Treynor Mazel model respectively for the different research questions posed. The results obtained indicated that there were no statistically significant differences between the performances of independent fund managers with those of dependent fund managers. However, dependent fund managers of equity funds performed better than their counterparts the independent fund managers. In the case of balanced funds, the independent fund managers performed better than their dependent counterparts. On average, both fund&nbsp / manager types possessed selectivity skills for equity funds and none for balanced funds. However for both fund types, the dependent fund manager demonstrated more selectivity skills than their independent counterparts. The results for market timing skills demonstrated that on average, both fund managers did not possess market timing skills for balanced funds while possessing these skills for equity funds. The dependent&nbsp / fund managers demonstrated more market timing skills for balanced funds though negative when compared to that of their counterparts. On the other hand, the equity fund independent fund&nbsp / managers demonstrated more market timing skills than the dependent fund managers.</p>

<p>This study seeks to evaluate the performance of unit trust managers based on their client affiliation classification. Worldwide, the number of investors investing in unit trusts is on the rise and increasingly they want to be able to evaluate the performance of the managers managing their funds so as to make better investment decisions. This increase in the asset size and number of unit trusts funds could be attributed but not limited to the low capital required for investment by small investors who before could not afford to invest in portfolios requiring large capital (Prather, Bertin, and Henker, 2004). In addition, the fund managers of these units are believed to have special skills such as market timing and stock selectivity which contribute to the performances they achieve. The evaluation of the performance of unit trust fund managers is a largely unexplored area in South Africa. As a result, the study focuses on South Africa fund managers and has as aim to evaluate the performance of two groups of fund managers (independent and dependent) who were classified based on their client affiliation structure. The client affiliation classification is as a result of the fund manager‟s clientele base. The dependent group are those who formed part of a group structure and offer other wealth management services for which their clients or investors in the unit trust services originate from within the group while the independent group are those whose clients are pulled together from diverse individuals or institutions and does not form part of a group or render other services other than fund management. Two fund types were selected namely / general equity funds and balanced funds. It has also examined the underlying skills the different groups of fund managers possess. The performance of unit trust has an effect on many parties who are related in one way or the other to the unit trust funds. The results of this study will inform individual investors, trustees and asset consultants in their decision making process of selecting a fund manager. The results of the study will be of value to the asset management industry in terms of assessing their structures and restructuring the investment service business to meet the expectations of their clients / the investors. It could also be used as a marketing tool. Publicly available historical data on the returns generated by fund managers for a five year period from&nbsp / 2005 to 2009 was obtained. Analyses were done using the independent sampled t-test and the Treynor Mazel model respectively for the different research questions posed. The results obtained indicated that there were no statistically significant differences between the performances of independent fund managers with those of dependent fund managers. However, dependent fund managers of equity funds performed better than their counterparts the independent fund managers. In the case of balanced funds, the independent fund managers performed better than their dependent counterparts. On average, both fund&nbsp / manager types possessed selectivity skills for equity funds and none for balanced funds. However for both fund types, the dependent fund manager demonstrated more selectivity skills than their independent counterparts. The results for market timing skills demonstrated that on average, both fund managers did not possess market timing skills for balanced funds while possessing these skills for equity funds. The dependent&nbsp / fund managers demonstrated more market timing skills for balanced funds though negative when compared to that of their counterparts. On the other hand, the equity fund independent fund&nbsp / managers demonstrated more market timing skills than the dependent fund managers.</p>

Magister Commercii - MCom / This study seeks to evaluate the performance of unit trust managers based on their client affiliation classification. Worldwide, the number of investors investing in unit trusts is on the rise and increasingly they want to be able to evaluate the performance of the managers managing their funds so as to make better investment decisions. This increase in the asset size and number of unit trusts funds could be attributed but not limited to the low capital required for investment by small investors who before could not afford to invest in portfolios requiring large capital (Prather, Bertin, and Henker, 2004). In addition, the fund managers of these units are believed to have special skills such as market timing and stock selectivity which contribute to the performances they achieve. The evaluation of the performance of unit trust fund managers is a largely unexplored area in South Africa. As a result, the study focuses on South Africa fund managers and has as aim to evaluate the performance of two groups of fund managers (independent and dependent) who were classified based on their client affiliation structure. The client affiliation classification is as a result of the fund manager's clientele base. The dependent group are those who formed part of a group structure and offer other wealth management services for which their clients or investors in the unit trust services originate from within the group while the independent group are those whose clients are pulled together from diverse individuals or institutions and does not form part of a group or render other services other than fund management. Two fund types were selected namely; general equity funds and balanced funds. It has also examined the underlying skills the different groups of fund managers possess. The performance of unit trust has an effect on many parties who are related in one way or the other to the unit trust funds. The results of this study will inform individual investors, trustees and asset consultants in their decision making process of selecting a fund manager. The results of the study will be of value to the asset management industry in terms of assessing their structures and restructuring the investment service business to meet the expectations of their clients; the investors. It could also be used as a marketing tool. Publicly available historical data on the returns generated by fund managers for a five year period from 2005 to 2009 was obtained. Analyses were done using the independent sampled t-test and the Treynor Mazel model respectively for the different research questions posed. The results obtained indicated that there were no statistically significant differences between the performances of independent fund managers with those of dependent fund managers. However, dependent fund managers of equity funds performed better than their counterparts the independent fund managers. In the case of balanced funds, the independent fund managers performed better than their dependent counterparts. On average, both fund manager types possessed selectivity skills for equity funds and none for balanced funds. However for both fund types, the dependent fund manager demonstrated more selectivity skills than their independent counterparts. The results for market timing skills demonstrated that on average, both fund managers did not possess market timing skills for balanced funds while possessing these skills for equity funds. The dependent fund managers demonstrated more market timing skills for balanced funds though negative when compared to that of their counterparts. On the other hand, the equity fund independent fund managers demonstrated more market timing skills than the dependent fund managers. / South Africa

Denna uppsats undersöker problematiken kring revisorernas personliga engagemang och mänskliga beteenden. Revisorer och klienter har båda incitament vilka används för att nå en viss önskad situation. Oavsett vad incitamenten används för är syftet att subjektivt tillfredsställa ett visst intresse. Uppsatsen är baserad på tidigare publicerade vetenskapliga artiklar och är en vidare forskning baserad på Tepalagul och Lins studie från år 2015, vilken innefattar en undersökning av fyra hot. Denna studie kommer medföra en fördjupad undersökning kring dessa fyra oberoendehot som anses kan komma att påverka revisorns oberoende ställning. Hoten är: klientens betydelse, erbjudandet av andra tjänster utöver revisionstjänster, mandatperioden och anknytning mellan revisor och klient. Syftet med uppsatsen är att finna klarhet i om dessa hot i praktiken faktiskt kan hota revisorernas oberoende gentemot klienten, samt om dessa hot kan motverkas och i så fall på vilket sätt åtgärder kan framstå. I studien kommer en koppling göras till psykologiska påverkningar av mänskliga beteenden. Här lyfts kognitiv dissonans fram för att förklara etiska dilemman som revisorn ställs inför i sitt yrke. Studiens syfte är även att finna en klarhet i hur kognitiv dissonans kan ge en utökad förklaring kring problematiken angående revisorernas oberoende. Beroende på hur revisorn ställer sig i situationer av olika oberoendehot med medföljande påtryckningar från klienter och omgivning kan revisionskvalitén skifta. Uppsatsen kommer att genomföras utefter den hermeneutiska traditionen och i form av en kvalitativ ansats med besöksintervjuer som datainsamlingsmetod. Utifrån respondenternas åsikter kan vi dra slutsatsen att dessa hot existerar inom revisionsyrket, men att mycket beror på revisorn som person och dennes integritet och motståndskraft. Resultaten bekräftar även att människor normalt sett vet att deras bedömningar bör vara objektiva, men att de omedvetet kan göra felaktiga bedömningar då de blandar ihop vad som är personligt fördelaktig med vad som är rättvist eller moraliskt. För var och ett av dessa hot diskuterar vi erhållna resultat från empirin och tidigare forskning. Detta med avseende på klientens och revisors olika incitament, hot, kognitiva processer, samt revisionskvalité. Studien mynnar ut i idéer kring fortsatt forskning. Vi lyfter här fram vikten av att bland annat utföra en liknande forskning med kvinnliga auktoriserade revisorer som respondenter. / This essay examines the problems concerning auditors personal engagement and human be- haviours. Auditors and clients have different incentives, which are used to reach a certain preferred situation. Regardless of what the incentives are used for, the aim is to subjectively satisfy a certain interest. The essay is based on previously published scientific articles and is a further research based on Tepalagul and Lins study from year 2015. This essay includes a survey of four threats concerning auditor’s independence. The study will present a detailed investigation of these four threats that may have an affect on the auditor's independence. The threats are: the clients importance, the offering of non-audit services, auditor tenure and the client affiliation. The purpose of this essay is to find clarity if whether or not these threats in practice may actually threaten the auditor's independence towards the client, and if these threats can be prevented and if so, in what way measures may appear. The study will be making associations to psychological factors influencing human behaviours. The concept cognitive dissonance is used in this study to explain the ethical dilemmas that auditors face in their profession. The study's purpose is also to find a clarity of how cognitive dissonance can give an extended explanation about the problems concerning auditor’s independence. Depending on how the auditor stands in situations of various threats to the independence with accompanying pressures from their clients and the environment, the audit quality may shift. The essay will be performed in line with the hermeneuthic tradition in the form of a qualitative approach with interviews as data collection methods. Based on respondents’ opinions, we can conclude that these threats exist within the audit profession, but much depends on the auditor as a person and his or her integrity and resilience. The results also confirm that humans usually know that their assessments should be objective, but they unknowingly make incorrect judgments when they mix up what is personally beneficial with what is fair or moral. For each and everyone of these threats we discuss the empirically given results and previous research. This with regard to the clients and the auditors different incentives, threats, cognitive processes, and audit quality. The study empties into the ideas about further research. We emphasize the importance of among other things carrying out a similar research with female certified auditors as respondents.