There is a belief that mutual funds managed by large asset management groups benefit from economies of scale in terms of marketing, distribution, and resourcing. We examine the performance of funds that are managed by boutique asset managers. These funds tend to be small and tend to offer a more focussed fund range. Using European mutual fund data, we find evidence that boutique asset managers offer a premium. This premium is particularly pronounced in the European Mid/Small Cap and the Global Emerging market fund sectors; a finding that is robust to the factor model used to calculate alphas.