Reading between the lines of the Russell/Mellon CAPS report on pension fund returns in the UK over 2001, you can see this is an industry going through change, be it at an unsurprisingly cautious rate. The report is based on the performance of 1,651 UK pension funds, representing 3,665 portfolios with a total market value at end December 2001 of £352bn.
The process of change is being fuelled by underperformance. None of you would be surprised to hear that the pension fund industry suffered a media
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