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We examine the governance role of delegated portfolio managers. In our model, investors decide how to allocate their wealth between passive funds, active funds, and private savings, and asset management fees are endogenously determined. Passive funds invest their assets under management in the market portfolio, while active funds trade to exploit mispricing. Funds' ownership stakes and asset management fees determine their incentives to engage in governance. Whether passive fund growth improvesdoi:10.31219/osf.io/8n6xj fatcat:qutefcaay5afbjw3sfrq6rthhm