This study provides a performance analysis of new fund managers based on the U.S. equity funds incepted over the period 1993-2005. There are several findings. First, the long-term performance of new funds whose managers manage both new and seasoned funds at the same time is worse than that of new funds with full-time managers, indicating that the “part-time” managers would distract their effort. Secondly, based on a sub-sample of paired new funds and matched seasoned funds connected by the same fund managers, it is found that the short-term performance persistence exists for new fund managers with poor prior performance. Third, this study documents a significantly positive spillover effect of return of the matched seasoned fund on the new fund net inflow during the first twelve months following new fund inception. It indicates that investors prefer to invest in new funds whose managers have better prior fund performance.