Rachel Reeves’s plan to mandate how pension funds invest was always a mistake | Nils Pratley

You can understand the motivation – more UK investment by UK funds means faster UK growth – but fiduciary duty trumps allA simple principle lies at the heart of pension investment: the pension manager must invest in the best interest of the client. UK ministers have often wished UK funds would show more home bias by channeling more pensioners’ cash towards domestic assets in the interests of economic growth, but the fundamental rule of the game has always been understood. You don’t mess with the...