Pension consultants generally do a good job at picking large, conservative managers but unfortunately this group underperforms
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- Pension consultants recommend large hedge funds largely on "soft factors," and are "missing best performance years"
- Most pension plans use the top pension consultants in a concentrated industry
- Despite underperformance, vast majority of institutional investors think pension consultants are valuable at fund selection
- Transparency is important except when it comes to a consultant's past performance
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