Abstract: From the perspective of the comparison between the investment performances of the fund managers before and after investment shift from publicly offered funds to private funds, we can better explore the influences of the two institutional environments on the investment performances of the fund managers. This paper conducts a comparative analysis of the fund managers’ investment performances before and after their investment transfer with the help of a number of fund performance evaluation models. The results show that the overall investment ability of the fund managers have been improved significantly when they transfer from publically offered funds to sunshine private funds. If decomposing the overall investment ability into market-timing and security-selecting abilities, the improvement of the fund managers’ overall investment ability is mainly reflected in the significant improvement of their market-timing ability after the transfer, while their security-selecting ability would then decrease a little. At the same time, by studying the personal characteristics of the fund managers, it is found that those who had investment research experience can obtain better investment performances.

Key words: sunshine private funds; investment transfer; publicly offered fund managers; investment performance