Real Estate Asset Management Companies’ Economies of Scale: Is It a Dream or Reality? The Italian Case

Table 1

Correlation matrix for each year.

	Net fees	AUM	Administrative costs	No. of real estate funds	No. of employees
2013
Net fees	1.0000000	0.9366408	0.9203043	0.7812385	0.7872560
AUM	0.9366408	1.0000000	0.8572549	0.7694823	0.8768293
Administrative costs	0.9203043	0.8572549	1.0000000	0.8867641	0.7720600
No. of real estate funds	0.7812385	0.7694823	0.8867641	1.0000000	0.6830251
No. of employees	0.7872560	0.8768293	0.7720600	0.6830251	1.0000000
2014
Net fees	1.0000000	0.9176423	0.9083548	0.7871646	0.8014534
AUM	0.9366408	1.0000000	0.8781287	0.8051264	0.8657633
Administrative costs	0.9203043	0.8781287	1.0000000	0.9056471	0.7427939
No. of real estate funds	0.7812385	0.8051264	0.9056471	1.0000000	0.6758336
No. of employees	0.7872560	0.8657633	0.7427939	0.6758336	1.0000000
2015
Net fees	1.0000000	0.9477420	0.9496365	0.7399840	0.8903021
AUM	0.9477420	1.0000000	0.9168684	0.7787273	0.8643887
Administrative costs	0.9496365	0.9168684	1.0000000	0.7687266	0.9463153
No. of real estate funds	0.7399840	0.7787273	0.7687266	1.0000000	0.6741669
No. of employees	0.8903021	0.8643887	0.9463153	0.6741669	1.0000000
2016
Net fees	1.0000000	0.9465023	0.9509846	0.6359986	0.9216262
AUM	0.9465023	1.0000000	0.8819332	0.7457024	0.8260694
Administrative costs	0.9509846	0.8819332	1.0000000	0.5626679	0.9609642
No. of real estate funds	0.6359986	0.7457024	0.5626679	1.0000000	0.5183680
No. of employees	0.9216262	0.8260694	0.9609642	0.5183680	1.0000000
2017
Net fees	1.0000000	0.8641211	0.9738102	0.5489571	0.9383796
AUM	0.8641211	1.0000000	0.8544921	0.7638472	0.7778732
Administrative costs	0.9738102	0.8544921	1.0000000	0.5696372	0.9550878
No. of real estate funds	0.5489571	0.7638472	0.5696372	1.0000000	0.5026150
No. of employees	0.9383796	0.7778732	0.9550878	0.5026150	1.0000000
2018
Net fees	1.0000000	0.8886413	0.9628419	0.5543713	0.9310833
AUM	0.8886413	1.0000000	0.9130547	0.7538074	0.8420773
Administrative costs	0.9628419	0.9130547	1.0000000	0.6393171	0.9541886
No. of real estate funds	0.5543713	0.7538074	0.6393171	1.0000000	0.5685592
No. of employees	0.9310833	0.8420773	0.9541886	0.5685592	1.0000000