Trustees may 支払う／賃金 for 解雇する／砲火／射撃ing 経営者／支配人s

By PATRICK HOSKING
Updated: 00:00 BST, 7 January 2002

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PENSION 基金 trustees who follow 基準 産業 practice and 解雇（する） 不正に 成し遂げるing 投資 経営者／支配人s are usually making a 高くつく／犠牲の大きい mistake, によれば new 研究.

Trustees would do better to stick with their 存在するing 経営者／支配人s or even, perversely, 捨てる 経営者／支配人s with good 跡をつける 記録，記録的な／記録するs and 取って代わる them with 投資 laggards.

The 研究 - from 投資 業績／成果 consultan ts WM Company, part of Deutsche Bank - shows that most 資産 経営者／支配人 業績／成果 is cyclical. Good 業績／成果s are usually followed by bad patches and 副／悪徳行為 versa.

WM 設立する that trustees who 捨てるd seemingly good 経営者／支配人s in favour of bad ones would have outperformed the 産業 by a 重要な 1% a year. The cost in 従来の final salary 計画／陰謀s is 最終的に borne by 株主s, who have to 最高の，を越す up 年金 計画／陰謀s. In defined 出資／貢献 計画／陰謀s, the cost is borne by the 計画／陰謀 members.

WM director Alastair Mac-Dougall said: 'Changing an 投資 経営者／支配人 is one of the most important 決定／判定勝ち（する）s which 年金 基金 trustees are liable to make and most are 不成功の.'

にもかかわらず the constant 差し控える that past 業績／成果 is no guide to 未来 returns, trustees continue to prefer 最近の 星／主役にする performers when awarding 委任統治（領）s. The findings may also have resonance as the ISA (individual sav ings account) selling season begins in earnest. Small 投資家s are 悪名高くも drawn to 基金 経営者／支配人s with the best 最近の 跡をつける 記録，記録的な／記録する.