Ignore FX at your peril, funds told

Mercer Investment Consulting and Record Currency Management found that in one case uncovered in their joint study, only half the fund managers engaged by a particular pension scheme were trading forex competitively. A fund with £500 million in assets could save more than £1 million a year by managing forex more carefully, the report said.

"Pension funds often pay little attention to foreign currency transaction costs, and better management of these transactions can enhance returns," said Mark