Liquidity obsession 'irrational', says UK rail pension head

Chief executive of railways pension group says cost controls more important

Hitchen: short-term liquidity doesn't really matter

The concerns of regulators, banks and asset managers about thinned-out market liquidity are “irrational”, according to the chief executive of one of the biggest UK pension schemes.

Chris Hitchen, who heads RPMI, a pension fund and administrator managing over £20 billion ($28.4 billion) of assets, said: “For the long-term benefit of my members, it doesn’t really matter whether the price of securities is right this minute, this day, this second. It doesn’t really matter whether we can access

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