Investors could pay more in taxes as a result of mutual fund managers changing jobs more often, according to Morningstar. The research firm found that the average manager is in the same job for about 4.5 years, compared with 5.3 years in a survey two years earlier. One reason for the shorter tenure, Morningstar notes, is that competition has led mutual fund firms to terminate underperforming managers more quickly than they had in the past. The bigger tax bills, says Morningstar, come, for example, when new managers shed holdings of their predecessors, thus creating taxable capital-gains distributions. What’s more, investors will get hit with more taxes when company management makes payouts after a manager change.