This study focuses on post-acquisition mutual fund management retention or separation and its subsequent performance implications.  The authors found that mutual fund acquisition precipitates separation between a fund and both the above- and below-average managers of that fund.  Their contention is that (1) bad managers are shown the door, (2) good managers jump ship voluntarily, and (3) mediocre managers stay.  Funds that lose talented managers experience a drastic decline in performance, but funds that fire bad managers fail to turn around.  Funds that retain their managers experience performance deterioration as well, primarily because those managers who remain are mediocre.