The authors thank Victoria Ivashina (the editor), an anonymous associate editor, and two anonymous referees for comments; Viral Acharya, Sumit Agarwal, Jennifer Carpenter, Joseph Cherian, Ling Cen, Olivier Coibion (discussant), Sudipto Dasgupta, Jin Chuan Duan, Thomas Flanagan (discussant), Chang-Tai Hsieh (discussant), Takeo Hoshi (discussant), Wenlan Qian, David Reeb, Hong Ru (discussant), Philipp Schnabl, Michael Song (discussant), Bernard Yeung, Tong Yu (discussant), Qifei Zhu (discussant), and numerous conference and seminar participants for insightful comments; George Ye Qiaozhi, Ziming Huang, and Guangyuan Chen for excellent research assistance; Chalinee Charoenwong for editorial assistance; and Moyi Chen for sharing insight about the Chinese asset management industry. Any remaining errors are our own.