# kaal:claim:2959730-007

**Claim.** New managers increasingly face contested track records, meaning the new firm cannot get a consensus from the manager's old employer about the manager's track record with that employer.

**Type.** failure  **Support.** asserted

**Holds when.**

- first time managers spinning out of a prior employer

**Source quote.**

> Moreover, the industry is increasingly seeing contested track records for new managers, i.e., the new firm cannot get a consensus from the new manager's old employer about the manager's track record with that employer.

**From.** Wulf A. Kaal, *Blockchain Applications and Fee Structure Developments in Private Investment Funds* (2017), II. Changing Fee Structure, page 6

**Cite as.** Wulf A. Kaal, Blockchain Applications and Fee Structure Developments in Private Investment Funds (2017). SSRN: https://ssrn.com/abstract=2959730

**Verify.** sha256 of source PDF `ebd86972d8817b0c1c80326ae5564476983cedba3f258ff3b2610f156b93fb50` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202017%20-%20Blockchain%20Applications%20and%20Fee%20Structure%20Developments%20in%20Private%20Investment%20Funds.pdf

**Failure mode.** Contested track record problem for new managers  (family: information-asymmetry)

**Topics.** reputation

**Keywords.** emerging-managers, track-record, fund-formation, manager-reputation

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