Strategic investment decisions in pension funds are made by trustees. In making these decisions, trustees contract independent advisors such as asset managers and actuaries. Can these external advisors transfer their investment beliefs to the pension funds they contract with? We use proprietary...

A board of trustees has the fiduciary duty to invest a pension fund's assets in the best interest of its beneficiaries. Trustees' characteristics should not affect their investment decisions. We find two counterfactual artefacts for corporate pension funds. First, a higher average board age...