# Prof. Marcin Kacperczyk on the distinction between an investment fund and its manager

1 Faculty News October 8, 2011 ![The New York Times Logo](/sites/default/files/styles/246w/public/assets/images/uat_027320.jpg?itok=W8xBr66g)>

Excerpt from [The New York Times](http://www.nytimes.com/2011/10/09/business/mutfund/in-mutual-fund-returns-skill-or-just-luck.html) -- "One simple source of confusion is the distinction between a fund and its manager, said Marcin Kacperczyk, a finance professor at New York University. People often know and follow funds by name, even as managers come and go. Yet the manager can matter a lot."

[Read more](http://www.nytimes.com/2011/10/09/business/mutfund/in-mutual-fund-returns-skill-or-just-luck.html)