This paper studies whether asset management companies use customer data to attract capital. Exploiting information from their websites' codes, I track when fund managers begin collecting and analyzing data on their potential customers using tools like Google Analytics or A/B testing.

I show that funds adopting such technologies attract 1.5% higher annual flows and charge higher fees, despite no improvement in performance. These results are concentrated on retail share classes and decline with competition as more rival funds adopt similat tools. At the fund-family level, adopters expand their product offerings, and new fund focus more on retail-oriented themes. Within existing funds, I find evidence of changes in prospectus content and greater sales efforts rather than product differentiation.

Overall, data technologies allow managers to raise more capital and charge higher fees. These findings show that technological innovation in asset management extends beyonf portfolio allocation decisions, and it affects how funds attract and retain capital.