The article explores why some mutual fund companies choose to outsource fund management while others keep it in-house. They find that expertise influences a fund family's decision to manage funds internally, while access to investors drives advisors to manage for unaffiliated fund families. Outsourced funds tend to be smaller and have lower returns, but this difference disappears when accounting for selection bias. In essence, fund families lack the expertise to earn higher returns by managing outsourced funds internally, and advisors lack access to investors to raise larger funds.