Pension funds could add up to 2% to their performance by more specialised foreign currency management, according to a report from Mercer Investment Consulting and Record Currency Management.
The report also found pension funds were losing money as a result of underlying managers not trading foreign exchange competitively.
'In one case,' said Peter Wakefield, Record's director of portfolio strategy and consulting, 'only half the fund managers engaged by a particular pension scheme were trading
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