Pension funds and other large institutional investors are wasting enormous amounts of money on advice from investment consultants each year, according to...

Pension funds and other large institutional investors are wasting enormous amounts of money on advice from investment consultants each year, according to academic research. On an equal-weighted basis, US equity funds recommended by consultants underperformed other funds by 1.1 per cent a year between 1999 and 2011, according to analysis of 29 consultancies accounting for more than 90 per cent of the market by a team from Oxford university's Saïd Business School. (VIEW LINK)