UK - Trustees need to be much more active in fund manager selection and expose the "lamentable" performance of consultants. At a recent Society of Pension Consultants' conference, Whitbread chairman Sir John Banham criticised fund managers and scheme advisers for their advice over the past three years and urged trustees to hold them to account on performance.
He said: “Most fund managers are not equipped for the task and in the last few years their performance – and ours as consultants – has been frankly lamentable.” But he also stressed that it was...
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